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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, July 26, 2016, Vol. 19, No. 146

                            Headlines


A U S T R A L I A

CONTINENTAL COAL: ASIC Obtains Asset-Freezing Orders vs Secretary
COOKS PRINTING: Creditors' Meeting Set for July 28
DICK SMITH: Creditors Vote to Place Retailer Into Liquidation
JD INVEST: First Creditors' Meeting Set For August 2
MAS AUTOMOTIVE: First Creditors' Meeting Set For August 1

ROCKY POINT: Faces Closure as Power Plant Awaits AUD5MM Lifeline
SFX-TOTEM OPERATING: First Creditors' Meeting Set For August 1


C H I N A

BIOSTIME INT'L: Proposed Deal No Impact on Moody's Ba2 CFR
DONGBEI SPECIAL: Defaults on Bond Amid Investor Complaints


H O N G K O N G

CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino
CHINA FISHERY: Taps RSR Consulting as Restructuring Consultant
CHINA FISHERY: Taps Goldin Associates as Financial Advisor
CHINA FISHERY: Seeks to Hire Meyer Suozzi as Legal Counsel


I N D I A

AGARWAL POLYSACKS: ICRA Lowers Rating on INR12.50cr Loan to D
ALAKNANDA SPONGE: Ind-Ra Suspends BB+ Long-Term Issuer Rating
BANSAL BROTHERS: CRISIL Reaffirms 'B' Rating on INR81.7MM Loan
BAWANA INFRA: CRISIL Reaffirms 'D' Rating on INR614.1MM Loan
CHERAN STEEL: CRISIL Assigns 'C' Rating to INR57.5MM Cash Loan

COCHIN STEEL: CRISIL Reaffirms 'B' Rating on INR20MM LT Loan
CREATIVE TEXTURE: CRISIL Reaffirms B+ Rating on INR42.5MM Loan
DILISO CERAMIC: CRISIL Lowers Rating on INR72.5MM LT Loan to B-
DOLPHIN POLY: ICRA Assigns B+ Rating to INR2.92cr Term Loan
DREAM GATEWAY: Ind-Ra Suspends BB Long-Term Issuer Rating

FIBRO PLAST: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
GINNI GOLD: ICRA Lowers Rating on INR90cr LT Loan to 'D'
GOWTHAMI RAW: CRISIL Lowers Rating on INR40MM Cash Loan to 'B'
HARESH CHEMICALS: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
HARESH OVETA: CRISIL Assigns B+ Rating to INR20MM Cash Loan

HIMANCHAL CONSTRUCTION: Ind-Ra Suspends BB+ LT Issuer Rating
HOTEL INDRAPRASTHA: ICRA Suspends 'B' Rating on INR11.23cr Loan
ICL FINCORP: CRISIL Upgrades Rating on INR100MM Cash Loan to B+
IUA TRUST: CRISIL Assigns 'D' Rating to INR220MM Term Loan
JAANN OFFSET: ICRA Suspends C+ Rating on INR4.35cr Term Loan

JAIN VINIMAY: Ind-Ra Suspends D Long-Term Issuer Rating
JCBL LIMITED: CRISIL Lowers Rating on INR340MM Cash Loan to 'D'
JINDAL RICE: ICRA Suspends B- Rating on INR23.06cr Loan
K.S.R TEXTILE: ICRA Suspends B+ Rating on INR10.42cr Term Loan
KHOSLA ENGINEERING: ICRA Reaffirms B+ Rating on INR18cr Loan

L. D. SOLVEX: CRISIL Reaffirms 'B' Rating on INR56.4MM Loan
LIFESPRING HOSPITALS: ICRA Suspends B+ Rating on INR4.25cr Loan
LOKNETE BABURAO: CRISIL Assigns 'B+' Rating to INR150MM Loan
LORVIN INDUSTRIES: ICRA Lowers Rating on INR49cr Term Loan to D
MAK CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR15cr LT Loan

MEERA CASTING: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
MULPURI FISHERIES: CRISIL Ups Rating on INR1.02BB Cash Loan to B
NAGARJUNA STEEL: CRISIL Ups Rating on INR150MM Loan to B+
NARENDRA EMPORIS: ICRA Reaffirms B+ Rating on INR15cr Loan
NEW CITIZEN: ICRA Assigns 'B+' Rating to INR5.0cr Cash Loan

NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
NUTRIVET COMPANY: ICRA Suspends B- Rating on INR7cr Loan
ORISSA ORDER: Ind-Ra Suspends D Long-Term Issuer Rating
PARAS COMMERCIAL: Ind-Ra Suspends B Long-Term Issuer Rating
PORWAL GINNING: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan

PRAFULLYA COLD: Ind-Ra Suspends D Long-Term Issuer Rating
PRAGANA DANWAR: CRISIL Assigns 'B-' Rating to INR60MM Term Loan
RAJARAM MILLS: ICRA Suspends B- Rating on INR5.0cr Loan
ROYALICA TILES: ICRA Assigns 'B/A4' Rating to INR7.07cr Loan
S.A. ANANDAN: ICRA Suspends B+ Rating on INR16.59cr Term Loan

S. A. PLYWOOD: CRISIL Reaffirms B+ Rating on INR115MM Cash Loan
SAI POINT: ICRA Assigns 'B' Rating to INR12cr Asset Backed Loan
SAINATH AUTOLINKS: ICRA Suspends B+ Rating on INR29.66cr Loan
SAMRAT WIRES: Ind-Ra Raises Long-Term Issuer Rating to B-
SANSKAR EDUCATIONS: ICRA Suspends 'B' Rating on INR24cr Loan

SANT DEEPAK: ICRA Assigns B- Rating to INR13cr Fund Based Loan
SARASWATI RICE: ICRA Suspends 'B' Rating on INR12cr Loan
SATWIK STEEL: Ind-Ra Suspends B+ Long-Term Issuer Rating
SHEKHADA COTGIN: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
SHIV SHAKTI: Ind-Ra Suspends BB- Long-Term Issuer Rating

SHREE JEE: Ind-Ra Suspends BB+ Long-Term Issuer Rating
SHREE SITA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
SHRI SHYAM: Ind-Ra Suspends BB+ Long-Term Issuer Rating
SHRIE HARIVALLABI: ICRA Suspends 'B' Rating on INR15cr Term Loan
TRIPURARI AGRO: ICRA Suspends 'B' Rating on INR9.25cr Loan

UMA SHANKAR: ICRA Suspends 'B' Rating on INR20cr Loan
VENKATESH COTTON: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
VIJAY PULSE: ICRA Assigns B+ Rating to INR7.50cr Cash Loan
VIJETA BEVERAGES: Ind-Ra Assigns BB Long-Term Issuer Rating


M A L A Y S I A

EXPORT-IMPORT BANK: Moody's Keeps ba3 Stand-Alone Credit Profile


X X X X X X X X

* BOND PRICING: For the Week July 18 to July 22, 2016


                            - - - - -


=================
A U S T R A L I A
=================


CONTINENTAL COAL: ASIC Obtains Asset-Freezing Orders vs Secretary
-----------------------------------------------------------------
Following an Australian Securities and Investments Commission
application, the Federal Court in Perth has made asset
preservation orders, by consent, against Ms Jane Rosemary Flegg,
a Western Australia-based company secretary of ASX-listed company
Continental Coal Limited (now in liquidation).

ASIC obtained these orders in connection with its ongoing
investigation into matters including the use of investors'
subscription moneys at a time when they were required by law to
be held in trust. ASIC sought orders pending the outcome of its
investigation, with the aim of preserving the interests of
investors.

Ms Flegg consented to the orders on the basis that her rights are
reserved and with no admission of liability or wrongdoing.

In May 2016, the Federal Court appointed a liquidator to
Continental Coal following an application by ASIC.

ASIC had earlier successfully applied to the Federal Court for
the appointment of a provisional liquidator to Continental Coal
and taken action to restrict the company from issuing a reduced
content prospectus until Feb. 26, 2017.

A Western Australia-based director of Continental Coal, Mr Peter
Neil Landau, has consented to interim asset preservation orders
over his personal assets, and the assets of Okap Ventures Pty Ltd
and Doull Holdings Pty Ltd (of which companies Mr Landau is sole
director), following an application by ASIC to the Federal Cour.
Mr Landau consented to the orders on the basis that the
Defendants' rights are reserved and that they do not accept the
orders should have been made.


COOKS PRINTING: Creditors' Meeting Set for July 28
--------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Cooks Printing
Pty Ltd has been placed into liquidation. Scott Anthony Newton --
snewton@shawgidley.com.au -- and Benjamin Ismay --
bismay@shawgidley.com.au -- of Shaw Gidley have been appointed
liquidators of the company on July 18, 2016.

According to the report, the family-run business had been trading
for just 18 months before it collapsed into liquidation. The
company provided screen and embroidery service, made its own
reusable screens and ran an on-site darkroom.

A meeting with the creditors of the company is set on July 28,
the report notes.


DICK SMITH: Creditors Vote to Place Retailer Into Liquidation
-------------------------------------------------------------
Otago Daily Times reports that creditors of defunct electrical
retailer Dick Smith have voted in favour of liquidation.

According to the report, administrator McGrathNicol will take
over as liquidator of 10 companies within the Dick Smith group
following the vote by creditors at a meeting in Sydney on
July 25.

ODT relates that McGrathNicol will continue to focus on the exact
reasons for Dick Smith's collapse, and who is to blame.

The report says Dick Smith creditors are expected to face a
shortfall of more than NZ$270 million, the administrators of the
failed electronics chain said earlier this month.

McGrathNicol on July 13 also said secured banks -- which include
HSBC and National Australia Bank -- would only receive a partial
return on the AUD140 million (NZ$149 million) they are owed, ODT
adds.

Dick Smith collapsed in January and has now closed the more than
390 stores it operated on both sides of the Tasman.

More than 3,000 workers lost their jobs -- 430 of them in
New Zealand, says ODT.

                         About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products
across four categories: office, mobility, entertainment, and
other products and services. The Company has two segments: Dick
Smith Australia and Dick Smith New Zealand. The Company connects
with its customers through four physical store formats, catering
for three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network
consists of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and
an number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.


JD INVEST: First Creditors' Meeting Set For August 2
----------------------------------------------------
Michael Caspaney -- michael@menziesadvisory.com.au -- of Menzies
Advisory was appointed as administrator of JD INVEST PTY LTD on
July 21, 2016.

A first meeting of the creditors of the Company will be held at
Suite 9, 83 High Street, in Kew, Victoria, on Aug. 2, 2016, at
10:.30 a.m.


MAS AUTOMOTIVE: First Creditors' Meeting Set For August 1
---------------------------------------------------------
Richard Albarran and Shahin Hussain of Hall Chadwick were
appointed as administrators of MAS Automotive Pty Ltd, trading as
MAS Automotive, on July 20, 2016.

A first meeting of the creditors of the Company will be held at
the offices of Hall Chadwick Chartered Accountants, Level 19, 144
Edward Street, in Brisbane, Queensland, on Aug. 1, 2016, at
11:00 a.m.


ROCKY POINT: Faces Closure as Power Plant Awaits AUD5MM Lifeline
----------------------------------------------------------------
Alister Thomson at Gold Coast Bulletin reports that Australia's
only privately-owned sugar mill is on the brink of closing down
permanently unless the plant that fuels it is thrown a
AUD5 million funding lifeline.

The Bulletin relates that the Rocky Point Sugar Mill, on the
northern end of the Gold Coast, is waiting for the power plant
that runs the mill to be fixed.

The cogeneration plant was deemed inoperable six months ago due
to problems including cracks in the boiler, the report says.

The sugar harvest kicked off this month and usually farmers like
Peter Kaddatz, 70, who has 101 hectares of land at Norwell, would
be sending hundreds of tonnes to the sugar mill to be processed
every week.  The plant usually process 20,000 tonnes of sugar
cane a week.  But the 30 megawatt biomass-fed plant has been
dormant for six months.

According to the report, the plant's owner, Sydney-based First
Pacific Capital Underwriters (FPCU), has to find AUD5 million to
fix the Woongoolba plant or the farmers face a bleak future.

"Normally there should be smoke pouring out of the chimney which
I can see from my farm . . . but it has been quiet for the last
six months. We can't do anything without the mill," the report
quotes Mr Kaddatz as saying.  "I could cut the cane but I'd have
to put it in the swamp."

The Bulletin says Mr Kaddatz, a fourth-generation cane farmer,
has been able to send a small percentage of his crop to the mill
in Condong but it can't take more as it is running at full
capacity.

Usually he would have an annual turnover of AUD250,000 but faces
getting 10% of that this harvest season, the report states.

"It is costing us a huge amount of money. "We've put money into
producing this year's crop and we're not going to recover that
let alone earn an income," Mr Kaddatz, as cited by the Bulletin,
said.  "I'm disappointed and disillusioned and frustrated by the
failure to come to an arrangement earlier in the year."

The Bulletin notes that FPCU is meeting with the Rocky Point
District Cane Growers Organisation on July 27 to discuss a
solution to the crisis.

According to the report, Chairman Richard Skopp said he had his
fingers crossed a suitable funding arrangement could be thrashed
out.

"We're hoping that the funds have been found to fix the thing,"
he said adding that he did not want to comment further before the
meeting, the report relays.

The Bulletin adds that FPC Green Energy director Eduard Alcordo,
who heads up an affiliate of FPCU that runs the plant, said it
had several investors from Hong Kong who were prepared to stump
up the money but the deal fell through.

He said any deal had to be fair to the mill's owners, the
farmers, who are being asked to chip in for repairs, and FPCU,
the report says.


SFX-TOTEM OPERATING: First Creditors' Meeting Set For August 1
--------------------------------------------------------------
George Georges and John Lindholm of Ferrier Hogdson were
appointed as administrators of SFX-Totem Operating Pty Ltd on
July 21, 2016.

A first meeting of the creditors of the Company will be held at
Ferrier Hodgson, Level 43, 600 Bourke Street, in Melbourne, on
Aug. 1, 2016, at 10:00 a.m.



=========
C H I N A
=========


BIOSTIME INT'L: Proposed Deal No Impact on Moody's Ba2 CFR
----------------------------------------------------------
Moody's Investors Service says that Biostime International
Holdings Limited's (Biostime) proposed exercise of its roll-up
call option and entry into a roll-up shareholders' agreement will
not immediately affect its Ba2 corporate family rating, the Ba3
rating on its senior notes, or the stable outlook on the ratings.

On 19 July 2016, Biostime announced that its wholly owned
subsidiary, Biostime Healthy Australia Investment Pty Ltd
(unrated), proposed giving an option notice to the minority
shareholders of Swisse Wellness Group Pty Ltd (unrated) --
Biostime's 83%-owned subsidiary -- to exercise its roll-up call
option.

The call option requires Swisse's minority shareholders to sell
their 17% stake in Swisse, in exchange for an issue of shares
representing an equivalent stake in Biostime Healthy Australia
Holdings Pty Ltd (unrated).

"The proposed option exercise alone -- if approved -- represents
an internal restructuring for Biostime and has no cash flow
impact," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

The internal restructuring enhances the servicing of the US$450
million term-loan facility obtained by Biostime Healthy Australia
Investment Pty Ltd for the refinancing related to Biostime's
acquisition of Swisse.

Biostime's bond rating is one notch lower than its corporate
family rating, because the bond is subordinated to the US$450
million term-loan facility. At end-2015, the US$450 million term
loan represented around 21% of Biostime's total reported assets
and around 40% of its debt.

On completion of the proposed exercise of the roll-up call
option, Swisse's minority shareholders will enter into the roll-
up shareholders' agreement, under which, these shareholders will
be granted the holdco put option.

The put option gives holders the right to require Biostime
Healthy Australia Pty Ltd (unrated) to buy all of its shares in
Biostime Healthy Australia Holdings Pty Ltd on the third, fifth,
sixth, seventh and eighth anniversaries of Biostime's completion
of the Swisse acquisition, with the first option exercise date
falling on 30 September 2018.

Moody's estimates that Biostime's debt/EBITDA will register about
3.1x-3.3x in 2018, assuming the full exercise of the put option.
This leverage level is in line with Biostime's Ba ratings level.

The proposed transactions require the approval of Biostime's
shareholders and will likely complete in the second half of 2016.

Biostime International Holdings Limited is a leading domestic
infant milk formula provider in China. The company acquired an
83% stake in the leading Australian vitamin, herbal and mineral
supplements provider, Swisse Wellness Group Pty Ltd (unrated) in
September 2015.

Established in 1999, Biostime is headquartered in Guangzhou and
listed on Hong Kong's stock exchange in December 2010. At end-
2015, Chairman and CEO, Mr. LUO Fei, and other principal
shareholders together held a 72% stake in the company.


DONGBEI SPECIAL: Defaults on Bond Amid Investor Complaints
----------------------------------------------------------
Nathaniel Taplin at Reuters report that Dongbei Special Steel
Group Co Ltd, an unlisted Chinese steelmaker whose first debt
default helped spark a bond market sell-off in April, said on
July 19 it was unable to make payment on another bond.

It announced the default on a CNY870 million ($130 million) two-
year private placement note, which matured July 18, on the
website of China's interbank market operator on July 19, Reuter
relays.

According to Reuters, the problems at Dongbei, which has
defaulted on at least seven debt instruments this year, have
caused headaches for one of its primary debt underwriters, China
Development Bank, and the provincial government Liaoning which
owns the firm.

Investors holding around CNY2.2 billion of the notes accused the
Liaoning provincial government and the local State-owned Assets
Supervision and Administration Commission of dereliction in their
duty in dealing with Dongbei's defaults, according to a statement
obtained by Reuters IFR.

Reuters relates that financial magazine Caixin and other domestic
media reported that Dongbei bondholders asked China Development
Bank to include in the most recent bondholder resolution a line
that regulators temporarily bar Liaoning province-owned
enterprises from issuing debt and prevent financing by the
provincial government.

China Development Bank later issued a statement saying some media
reports were inaccurate. But it added that as an underwriter its
role was to pass on feedback to regulators rather than make
concrete proposals, relays Reuters. The bank also said that it
would continue to support the economic development of Liaoning
and other northeastern provinces.

Reuters meanwhile says Bloomberg reported on July 19 citing
anonymous sources that Liaoning provincial officials were
petitioning the central government to include Dongbei Special
Steel in upcoming debt-to-equity swaps, which the central
government has mooted as one solution to China's corporate debt
problem.

A media representative of the Liaoning provincial government
declined to immediately comment, Reuters notes.

Headquartered in Dalian, China, Dongbei Special Steel Group Co.
manufactures carbon structural, alloy, tool, stainless, and
bearing steel; and super alloy products. It offers stainless
steel bars and wire rods; bearing steel bars and wire rods; steel
products for the automotive industry.


===============
H O N G K O N G
===============


CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino
---------------------------------------------------------
China Fishery Group Limited, the Singapore-listed unit of Hong
Kong's Pacific Andes International Holdings Ltd., filed a
voluntary petition under Chapter 11 of the Bankruptcy Code in the
U.S. Bankruptcy Court for the Southern District of New York on
June 30, 2016.

China Fishery, which sought bankruptcy protection with 15
affiliates, seeks to implement a restructuring of their
businesses and utilize the automatic stay to prevent creditors
from forcing a fire sale, which would preclude structurally
subordinated creditors and shareholders from realizing value.

The Debtors intend to operate their businesses in the ordinary
course during these Chapter 11 cases.

According to documents filed with the Court, "[T]he value of the
CF Group is in jeopardy as a result of the aggressive and
improper acts by certain lenders and natural events (El Nino)
that together have triggered a liquidity crisis.  A small group
of lenders have grown impatient with (or are outright hostile to)
a sale process that the Debtors commenced pre-petition and are
threatening to enforce their rights against their respective
Debtor obligors."

Ng Puay Yee, managing director of Pacific Andes, said that while
the Pacific Andes Group's initial goal was to maintain their
businesses while finding sufficient cash to pay off their
obligations, by September of 2015 it had become evident that they
might need to take drastic steps to preserve as much of the
Pacific Anded Group as possible.  Accordingly, it was
contemplated that some or all of the CF Group would be sold.  At
that time, an estimated market value of $1.6 to $1.7 billion had
been placed on the CF Group by Deloitte & Touche Financial
Advisory Services, Hong Kong.  Had a sale been consummated in
this range, the Initial Proposed Divestment would have allowed
all creditors of Pacific Andes to be paid in full.

                        Appointment of JPLs

On Nov. 25, 2015, all negotiations were derailed by the ex parte
commencement by The Hongkong and Shanghai Banking Corporation
Limited of an action in the Hong Kong Court seeking the winding
up of China Fishery Group Limited and China Fisheries
International Limited and the appointment of joint provisional
liquidators.

Three joint provisional liquidators were appointed on an ex parte
basis over CFGL and CFIL, two of the Debtors.  On Jan. 5, 2016,
their appointment was quashed by the very court that appointed
them due to a failure by the petitioning party to have presented
any credible evidence supporting the appointment of the JPLs.
Moreover, the Court found that the evidence that HSBC had
submitted was stale and did not merit the appointment in any way.

"The appointment of the JPLs severely impacted negotiations with
potential buyers and investors.  The uncertainty caused by the
appointment of the JPLs, and the suspension of operations,
unsettled buyers and investors.  Moreover, a forced deadline of
July 15, 2016, by which a sale must be completed has led many
potential buyers to take a "wait and see" attitude in hopes that
there might be a fire sale," Mr. Yee maintained.

               Restructuring Process for CFG Peru

In light of the immense and long standing financial difficulties
and ongoing threats that were faced by or made against CFG Peru
and the CF Group, especially with respect to its Peruvian
business, the CF Group concluded that it was necessary to protect
the Peruvian business of the CF Group.

On June 30, 2016, ordinary insolvency proceedings were commenced
in respect of each of CFG Investment, Copeinca and Sustainable
Fishing Resources by way of an involuntary petition since the
Peruvian Filing Entities were unable to satisfy the technical
requirements of being able to submit audited financial statements
for the fiscal year period ending April 30, 2016.  Shortly after
the commencement of the Peruvian Restructuring Proceedings, given
the integral nature of the Peruvian Filing Entities to the
Peruvian Andes Group and the CF Group, each of the Peruvian
Filing Entities filed a petition under Chapter 15 of the
Bankruptcy Code seeking recognition of the Peruvian Restructuring
Proceedings by the Bankruptcy Court.

                       About China Fishery

China Fishery Group Limited (Cayman), et al., along with certain
non-debtor affiliated entities, are part of a business group
known as the Pacific Andes Group, which is the 12th largest
seafood company in the world and one of the world's foremost
vertically integrated seafood companies.  The Pacific Andes Group
provides seafood products to leading global wholesalers,
processors and food service companies and has operations across
the seafood value chain.

As part of its business, the Pacific Andes Group engages in
harvesting, sourcing, ocean logistics and transportation, food
safety testing, processing, marketing and distribution of frozen
fish products, as well as fishmeal and fish oil.  The Pacific
Andes Group's businesses span the globe with major operations in
the People's Republic of China, the United States and Peru,
including processing businesses in China, Germany, France, the
United States and Peru.

The Debtors are comprised primarily of investment holding
companies and non-operating companies that previously were in the
business of trading frozen seafood products or providing freight
services.  The Debtors also include: Protein Trading, a fishmeal
trading company; SPSA, which provides shipping agency services;
CFGLPL, a property investment company; and CFIL.

CFG Investment S.A.C. Corporacion Pesquera Inca S.A.C. and
Sustainable Fishing Resources, S.A.C. are affiliates of the
Debtors, part of the CF Group, the subject of insolvency
proceedings in Peru and the subject of Chapter 15 filings before
the Bankruptcy Court.  Pacific Andes Resources Development
Limited is also contemplated to be the subject of insolvency
proceedings in Singapore and a Chapter 15 proceedings before the
Bankruptcy Court.

As of March 28, 2015, the Pacific Andes Group, on a consolidated
and unaudited basis, held approximately $4,669 million in assets
and $2,515 million in liabilities.  As of the Petition Date, the
Debtors have approximately $4.27 million of cash on hand,
including $1,687,007 on account of Meyer, Zuozzi, English, &
Klein, P.C. in New York (in the form of a retainer for the
rateable account of all Debtors), $1,720,000 on account with
Goldin Associates, LLC in New York and $650,000 on account with
RSR Consulting, LLC.

The CF Group employs more than 2,800 people, of which 2,400
employees are based in Peru.

The Debtors are represented by Howard B. Kleinberg; Edward J.
LoBello and Thomas R. Slome of Meyer, Suozzi, English & Klein as
counsel.  RSR Consulting LLC and Goldin Associates, LLC are the
Debtors' financial consultant.

The Debtors have requested joint administration of their Chapter
11 cases under Case No. 16-11895.


CHINA FISHERY: Taps RSR Consulting as Restructuring Consultant
--------------------------------------------------------------
China Fishery Group Limited (Cayman) seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
RSR Consulting LLC as restructuring consultant.

The firm will provide these services in connection with the
Chapter 11 cases of China Fishery and its affiliates:

     (a) act as a liaison and coordinate information flow and
         efforts among the management, financial advisors,
         creditors and their advisors, and the U.S. Trustee's
         office

     (b) assist the management in the coordination and production
         of information;

     (c) attend court hearings and Section 341 meetings with
         creditors, if required;

     (d) assist the Debtors in the preparation of periodic
         reporting packages that may be required for their
         creditors;

     (e) provide expert testimony, if required; and

     (f) review restructuring alternatives and projections
         provided by the Debtors' professionals in connection
         with putting forth plans to the constituents and the
         court.

The hourly rate for the firm's managing directors is $390 while
the hourly rate for its managers and consultants ranges from $250
to $375.

Robert Rosenfeld, a member of RSR Consulting, disclosed in a
court filing that the firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Robert Rosenfeld
     RSR Consulting LLC
     1330 Avenue of the Americas, Suite 23A
     New York, New York 10019
     Phone: (212) 658-0300
     Fax: (212) 658-0347

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.


CHINA FISHERY: Taps Goldin Associates as Financial Advisor
----------------------------------------------------------
China Fishery Group Limited (Cayman) seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Goldin Associates, LLC as financial advisor.

The firm will provide these services in connection with the
Chapter 11 cases of China Fishery and its affiliates:

     (a) prepare financial models for underlying assets and
         assessment of cash requirements;

     (b) prepare valuation and financial analysis of underlying
         assets;

     (c) support litigation by providing expert testimony and
         assistance with document requests;

     (d) provide expert testimony on valuation or plan
         feasibility

     (e) conduct a site visit of operating entities;

     (f) prepare financial analysis on recovery alternatives to
         all stakeholders;

     (g) meet with creditors and other stakeholders;

     (h) assist in evaluating post-petition cash requirements for
         the Debtors;

     (i) assist in creditor negotiations; and

     (j) assist in the development and negotiation of a plan of
         reorganization.

The firm's professionals and their hourly rates are:

     Senior Managing Director          $900 - $950
     Managing Director/Sr. Advisor     $700 - $900
     Director                          $600 - $700
     Vice-President                    $500 - $600
     Associate                         $350 - $500
     Analyst                           $250 - $350

David Prager, managing director of Goldin Associates, disclosed
in a court filing that the firm is a "disinterested person" as
defined
in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     David W. Prager
     Goldin Associates, LLC
     350 Fifth Avenue
     The Empire State Building
     New York, New York 10118
     Phone: (212) 593-2255
     Fax: (212) 888-2841

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.


CHINA FISHERY: Seeks to Hire Meyer Suozzi as Legal Counsel
----------------------------------------------------------
China Fishery Group Limited (Cayman) seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Meyer, Suozzi, English & Klein, P.C. as its legal counsel.

The firm will provide these services in connection with the
Chapter
11 cases of China Fishery and its affiliates:

     (a) advising the Debtors about their powers and
         Duties and the conduct of the cases;

     (b) attending meetings and negotiating with representatives
         of creditors and other parties;

     (c) advising the Debtors with respect to actions necessary
         to protect their estates;

     (d) preparing legal papers;

     (e) representing the Debtors in connection with obtaining
         any required authorization to use cash collateral and
         post-petition financing;

     (f) advising the Debtors in connection with any potential
         sales of assets;

     (g) appearing before the court; and

     (h) taking any necessary action on behalf of the Debtors to
         negotiate, prepare and obtain approval of a disclosure

         statement and confirmation of a chapter 11 plan.

The firm's professionals and their hourly rates are:

     Partners              $250 - $550
     Of Counsel            $275 - $550
     Associates            $200 - $400
     Paraprofessionals     $100 - $135

Thomas Slome, Esq., at Meyer, disclosed in a court filing that
the firm is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code.

In response to the request for additional information set forth
in Paragraph D.1 of the U.S. Trustee Guidelines, Meyer disclosed
that the firm and the Debtors have not agreed to any variations
from, or alternatives to, its standard billing arrangements for
the engagement.

Meyer further disclosed that the firm and the Debtors expect to
develop a prospective budget and staffing plan.

The firm can be reached through:

     Howard B. Kleinberg, Esq.
     Edward J. LoBello, Esq.
     Jil Mazer-Marino, Esq.
     Meyer, Suozzi, English & Klein, P.C.
     1350 Broadway, Suite 501
     New York, NY 10018
     Tel: (212) 239-4999
     Email: hkleinberg@msek.com
     Email: elobello@msek.com
     Email: jmazermarino@msek.com

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.



=========
I N D I A
=========


AGARWAL POLYSACKS: ICRA Lowers Rating on INR12.50cr Loan to D
-------------------------------------------------------------
ICRA has revised its long-term rating on the INR12.50 crore bank
facilities of Agarwal Polysacks limited to [ICRA]D from [ICRA]B
and has also revised its short term rating on the INR1.60 crore
non fund based facilities of APL to [ICRA]D from [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund          12.50        [ICRA]D ;revised from
   Based Facility-                      [ICRA]B
   Cash credit


   Short-term Non-          1.50        [ICRA]D ;revised from
   Fund Based Facility                  [ICRA]A4
   Letter of credit


   Short-term Non-          0.10        [ICRA]D ;revised from
   Fund Based Facility                  [ICRA]A4
   Bank Guarantee

The revision in ratings follows delays in debt servicing by APL
due to the company's stretched liquidity position. ICRA takes
note of APL's moderate scale of operations; the highly
competitive industry in which it operates; the vulnerability of
profitability to fluctuations in prices of polymer, paper and ink
and the financial profile of the company characterised by low
cash accruals, high working capital intensity and modest coverage
indicators. ICRA however takes note of the extensive experience
of the promoters and the company's reputed client base.

The company's ability to demonstrate a track record of timely
debt servicing, driven by a sustained improvement in its
liquidity position, will be the key rating sensitivity.

APL was established in 1992 as a private limited company and was
converted into a public limited company in 2000. Initially, APL
commenced manufacturing of paper bags including multiwall paper
bags and HDPE laminated bags at its factory (Unit I) located at
Jodhpur, Rajasthan. Later, APL commenced manufacturing air bubble
rolls as well at its new factory (Unit II) located in Jodhpur in
2001. APL currently manufactures paper bags, HDPE laminated bags,
air bubble rolls and stretch film rolls. The company has a wide
customer base from diverse industries such as guar gum, milk
powder, minerals and handicraft exporters.


ALAKNANDA SPONGE: Ind-Ra Suspends BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Alaknanda Sponge
Iron Ltd.'s (ASIL) 'IND BB+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND BB+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for ASIL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

ASIL's ratings:

   -- Long-Term Issuer rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR125 mil. fund-based limits: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR2.5 mil. non-fund-based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


BANSAL BROTHERS: CRISIL Reaffirms 'B' Rating on INR81.7MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank facilitiy
of Bansal Brothers Private Limited (BBPL) and assigned its
'CRISIL A4' on the short term bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL A4 (Reaffirmed)

   Cash Credit            81.7       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15.8       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect its below-average financial risk
profile, with modest networth and subdued debt protection
metrics. The rating also factors in susceptibility to
unfavourable changes in government policies and volatile product
prices. These weaknesses are mitigated by the promoters'
extensive experience in the cold storage industry.
Outlook: Stable

CRISIL believes BBPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if higher-than-expected revenue, profitability and
cash accrual strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if delayed payments from
farmers, or low cash accrual constrains liquidity.

BBPL, based in West Bengal was incorporated in 1989 by the Bansal
family. The company provides cold storage facility for potato
manufacturers, and has a capacity of 2.7 lakh tonne per annum.
The company also trades in potatoes, though the share of revenue
from the business is small.


BAWANA INFRA: CRISIL Reaffirms 'D' Rating on INR614.1MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bawana Infra
Development Private Limited (BIDPL; part of the Abhyudaya group)
continues to reflect the group's weak liquidity due to delay in
receipt of annuity and water and maintenance charges from
customers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan        614.1      CRISIL D (Reaffirmed)


BIDPL is also exposed to high customer concentration risk.
However, the company benefits from fixed revenue streams arising
from annuity, and sewer, water, and maintenance charges.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BIDPL and Abhyudaya Housing and
Construction Pvt Ltd (AHCPL; rated 'CRISIL BB+/Stable/CRISIL
A4+'), together referred to as the Abhyudaya group. BIDPL is a
special purpose vehicle (SPV) and 90:10 joint venture of AHCPL
and Jyoti Buildtech Pvt Ltd and was formed for an upgrade-
operate-maintain-transfer annuity project from Delhi State
Industrial Infrastructure Development Corporation. AHCPL has
extended an irrevocable guarantee for BIDPL's project debt which,
though it has not been revoked by the banker, will be one of the
key rating sensitive factors. Also, AHCPL is likely to retain a
substantial shareholding in BIDPL due to its strategic
importance.

BIDPL is a 90:10 SPV formed in 2011 by AHCPL and Jyoti Buildtech
Pvt Ltd to undertake a project for the upgrade and maintenance of
the Bawana Industrial Area in Delhi.

AHCPL was established in 1995 by Mr. Rajesh Agarwal and his
brother, Mr. Manoj Agarwal. It began operations by undertaking
road projects for Uttar Pradesh Public Works Department. Mr.
Ajant Agarwal, a friend of the Agarwal brothers, joined the
company in 2003 after the demise of Mr. Rajesh Agarwal.


CHERAN STEEL: CRISIL Assigns 'C' Rating to INR57.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Cheran Steel Rolling Mills (CSRM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      2.5       CRISIL C
   Cash Credit            57.5       CRISIL C
   Overdraft Facility     10.0       CRISIL A4

The ratings reflect modest scale of operations in an intensely
competitive steel industry, susceptibility to cyclicality in
demand from end-user industries and below-average financial risk
profile because of weak capital structure and debt protection
metrics. The weaknesses are mitigated by the extensive industry
experience of promoters.

Incorporated in 1993 by Mr. D Mohan along with his relative Mr. M
Karunanidhi, CSRM, is based in Coimbatore, Tamil Nadu, and
manufactures steel structural products such as angles and joists.
CSRM sells its products under the brand Cheenu.


COCHIN STEEL: CRISIL Reaffirms 'B' Rating on INR20MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cochin Steel
Industrial Complex (Construction) (CSIC) continue to reflect the
firm's modest scale of operations, exposure to intense
competition, and large working capital requirement.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4 (Reaffirmed)
   Overdraft Facility      30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its promoter in implementing civil construction projects, and
its healthy financial risk profile because of comfortable debt
protection metrics.
Outlook: Stable

CRISIL believes CSIC will continue to benefit over the medium
term from its promoter's extensive industry experience, and its
comfortable capital structure. The outlook may be revised to
'Positive' if there is a considerable improvement in its revenue
and profitability, or significant equity infusion. The outlook
may be revised to 'Negative' in case of delays in completion of
projects, or deterioration in receivables management, or large,
debt-funded capital expenditure, weakening the financial risk
profile.

CSIC, set up in 2000, is a proprietorship concern undertaking
civil contracts for the government of Kerala. Its operations are
managed by its proprietor, Mr M M Varghese.


CREATIVE TEXTURE: CRISIL Reaffirms B+ Rating on INR42.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Creative Texture
(CT) continue to reflect a below-average financial risk profile
because of a weak capital structure and low cash accrual. The
ratings also factor in a small scale of operations in the
fragmented textile industry. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters and funding support extended by them.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting
   under Letter of
   Credit                  10       CRISIL A4 (Reaffirmed)

   Cash Credit             42.5     CRISIL B+/Stable (Reaffirmed)

   Export Packing Credit   45.0     CRISIL A4 (Reaffirmed)

   Long Term Loan          26.0     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      26.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CT will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and profitability, leading to
better-than-expected cash accrual and improvement in the
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' if the financial risk profile weakens
further, most likely because of a stretched working capital cycle
or lower-than-expected cash accrual driven by pressure on revenue
and profitability.

Update
Operating income increased by around 38 percent year-on-year to
an estimated Rs.440 million in 2015-16 (refers to financial year,
April 1 to March 31) from 299 million in 2014-15,  supported by
increased demand from the export market. Operating margin,
however, remained modest at around 7 percent in 2015-16 due to
high overhead costs and increased job work outsourcing. The
business risk profile of the company is likely to remain modest
over the medium term due to intense competition.

Capital structure is highly leveraged because of a small
networth, estimated at Rs.39 million, and high gearing of 2.53
times, as on March 31, 2016. However, debt protection metrics
were above average, with interest coverage ratio of 2.6 times and
net cash accrual to total debt ratio of 16 per cent, for 2015-16.
Weak accretion is expected to constrain the financial risk
profile over the medium term.

Liquidity is average because of sufficient cash accrual to meet
debt obligation. Annual cash accrual is expected at Rs.16-18
million against debt obligation of Rs.9.5 million per annum, over
the medium term. Bank line utilisation remained high, at 90
percent over the six months through April 2016. However,
liquidity is supported by unsecured loans from promoters, the
balance of which was about Rs.30 million as on March 31, 2016.

CT, set up in 2005 as a partnership firm; its current partners
are Mr. R Balaji, his father Mr. A Ramasamy, his mother Mrs. R
Kamala, and his sister Ms. R Kavitha. The firm manufactures
various types of fabric such as grey fabric, dyed and printed
fabric, and dyed made ups, which are primarily used in
manufacturing bed sheets, blankets, and bath products. The
manufacturing facility of the firm is in Sivakasi, Tamil Nadu.


DILISO CERAMIC: CRISIL Lowers Rating on INR72.5MM LT Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank
facilities of Diliso Ceramic (DC) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable' while reaffirming the ratings on its short
term bank facilities to 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)

   Cash Credit             30       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Long Term Loan          72.5     CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term       7.5     CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that the liquidity
will be constrained due to lower-than-expected scale of
operations over the medium term. For the year 2015-16 (refer from
31 March to 1st April; the firm's first full year of operations)
DC has generated sales of around Rs.100 million and the sales
growth is expected to be modest over the medium term. The
moderating sales growth and operating profitability are expected
to impact its cash accruals generation over the medium term
leading to higher reliance on debt. The liquidity is expected to
be further stretched with cash accruals remaining tightly matched
with its term debt repayments.

The ratings reflect its modest scale of operations in the highly
competitive ceramics industry, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters, and the
proximity of its manufacturing facilities to sources of raw
material and labour.
Outlook: Stable

CRISIL believes that DC will maintain its business risk profile
backed by its promoters' experience in the ceramic industry. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations while maintaining its
profitability leading to improvement in its debt protection
metrics. Conversely, the outlook may be revised to 'Negative', if
DC's operating margins are lower than expected or the firm
undertakes more than anticipated debt funded expansion plan or
its working capital management deteriorates, thereby
deteriorating its liquidity significantly.

DC, incorporated in 2013, is promoted by the Morbi (Gujarat)-
based Shri Bharat Patel and Shri Bhavik Sanaja. The firm
manufactures glazed wall and floor tiles at its facilities, in
Morbi.


DOLPHIN POLY: ICRA Assigns B+ Rating to INR2.92cr Term Loan
-----------------------------------------------------------
ICRA has assigned the ratings of [ICRA]B+ to the INR2.92-crore
term loan facility and INR2.00 crore cash credit facility of
Dolphin Poly Plast Pvt. Ltd. ICRA has also assigned ratings of
[ICRA]A4 to INR1.00 crore import letter of credit of Dolphin
Polyplast Pvt Ltd. ICRA has further also assigned a long-term
rating of [ICRA]B+  and a short-term rating of [ICRA]A4 to
INR4.08-crore proposed unallocated limit of Dolphin Polyplast
Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Term Loan Limit             2.92      [ICRA]B+; assigned
   Cash Credit Limit           2.00      [ICRA]B+; assigned
   Import Letter of Credit     1.00      [ICRA]A4; assigned
   Proposed Unallocated        4.08      [ICRA]B+/[ICRA]A4;
   Limit                                 assigned

The assigned ratings reflect DPPPL's small scale of operations,
modest financial profile characterized by high gearing levels,
fragmented nature of the industry with competition from both
established players and large number of unorganized players and
vulnerability of profitability to volatility in raw material
prices given the fixed nature of contracts. ICRA also notes high
working capital intensity on account of high inventory levels
being maintained resulting from stiff competition faced by
manufacturers of MI systems. ICRA also notes that the business of
the company remains highly sensitive to the government policies
given the subsidy component in the pricing of micro irrigation
products and any reduction/removal of subsidy can adversely
impact the revenue growth.

The ratings, however, favorably factor in the experience of
promoters and their long association with dealers; and positive
demand prospects of micro irrigation products given their current
low levels of penetration and the favorable government policies
ICRA expects steady growth in revenues over the near to medium
term on account of the increasing demand of MI products supported
by government policies. The ability of the company to scale up in
a profitable manner, improve its profitability indicators, manage
increasing working capital requirements and maintain capital
structure at prudent levels would be some of the key rating
sensitivities.

Dolphin Poly Plast Private Limited (DPPPL) was incorporated in
1999 as a private limited company and manufactures HDPE pipes,
sprinkler pipes and emitting pipes at its manufacturing facility
located in Rajkot district with a production capacity of 6500 MT
of various pipes per annum. It also manufactures micro irrigation
systems (MIS) including drip irrigation system, sprinkler
irrigation system and mini Sprinkler Irrigation System. DPPPL has
been promoted by Mr. Haresh Kothiya, who has the experience of
more than two decades in assembling and manufacturing MIS-related
products.

Recent Results
For the year ended 31st March 2016, company has reported an
operating income of INR17.24 crore with profit after tax of
INR0.26 crore as per provisional results.


DREAM GATEWAY: Ind-Ra Suspends BB Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dream Gateway
Hotels Pvt. Ltd.'s (DGHPL) 'IND BB' Long-Term Issuer Rating to
the suspended category.  The Outlook was Stable.  The rating will
now appear as 'IND BB(suspended)' on the agency's website.  The
agency has also migrated DGHPL's INR480 mil. term loan to
'IND BB(suspended)' from 'IND BB'.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for DGHPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


FIBRO PLAST: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Fibro Plast Corporation
(FPC) continue to reflect the firm's below-average financial risk
profile because of small networth and high total outside
liabilities to tangible networth (TOLTNW) ratio, and its exposure
to supplier concentration risk.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit      198      CRISIL B+/Stable (Reaffirmed)

   Cash Credit             200      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       52      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the susceptibility of the firm's
profitability to volatility in raw material prices and foreign
exchange (forex) rates. These weaknesses are partially offset by
the extensive industry experience of its promoters, the healthy
demand for polymers in India, and its efficient working capital
cycle.

Outlook: Stable

CRISIL believes FPC will continue to benefit over the medium term
from its promoters' extensive experience in the polymers trading
business. The outlook may be revised to 'Positive' if the firm
significantly improves its capital structure, or if its margins
improve considerably, leading to better debt protection metrics.
The outlook may be revised to 'Negative' in case of weakening of
its relationships with suppliers, or significant loss on account
of fluctuations in forex rates, or stretch in its working capital
cycle, resulting in deterioration in its financial risk profile.

FPC, a partnership firm, trades in polymers and glass materials
procured from DuPont Ltd, and fibre-reinforced glass from Owen
Cornings Ltd. FPC is managed by Mr. Bhavesh Valia and his family.


GINNI GOLD: ICRA Lowers Rating on INR90cr LT Loan to 'D'
--------------------------------------------------------
ICRA has revised its long term rating on the INR90.0 crore fund
based limits and short term rating on the INR15.0 crore non fund
based limits (Sublimit of fund based limits) of Ginni Gold
Private Limited to [ICRA]D from long term rating of [ICRA]BB and
the short term rating of [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term-Fund
   Based limits            90.0        [ICRA]D; Revised

   Short Term- Non
   Fund Based limits       15.0        [ICRA]D; Revised

ICRA's rating action is driven by delays in debt servicing by
GGPL due to its stretched liquidity position. The slowdown in the
demand for GGPL jewellery products resulted in blockage of funds.
Going forward, the company's ability to demonstrate a track
record of timely debt servicing will be the key rating
sensitivity.

Ginni Gold Private Limited is a part of the Delhi based Shree Raj
Mahal Group, which is engaged in the manufacturing, wholesale and
retail sales of gold and diamonds. GGPL has presence largely in
gold jewellery, which contributes more than 90% of revenues. The
company was incorporated in the year 2007. GGPL is a closely held
company promoted by Mr. Pradeep Kumar Goel and his family.


GOWTHAMI RAW: CRISIL Lowers Rating on INR40MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gowthami Raw and Par Boiled Rice Mill (GRPBRM) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', and assigned its 'CRISIL A4'
rating to the firm's short-term facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          45        CRISIL A4 (Reassigned)

   Cash Credit             40        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      15        CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')


The downgrade reflects the deterioration in GRPBRM's business
risk profile driven by a steep fall in turnover due to reduced
demand from Food Corporation of India (FCI), and lower capacity
utilisation, resulting in an operating loss of 3.11% in fiscal
2016. The downgrade also factors in inadequate cash accrual to
meet term loan obligation in fiscal 2016. The obligation was
funded through equity infusion of Rs. 23.4 million by the
promoters. The firm has no long-term obligation over the medium
term.

The ratings reflect GRPBRM's weak financial risk profile because
of subdued debt protection metrics, its modest scale of
operations, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
its promoters in the rice industry.
Outlook: Stable

CRISIL believes GRPBRM will continue to benefit from its
promoters' experience in the rice industry. The outlook may be
revised to 'Positive' if the firm reports substantial and
sustained improvement in revenue and profitability, or if an
equity infusion results in a significant increase in its
networth. The outlook may be revised to 'Negative' if large
working capital requirement results in a steep decline in its
profitability or capital structure.

GRPBRM was set up as a partnership firm in 2009 by Mr. G Eswara
Raju and his family. The firm mills and processes paddy into
rice, and generates by-products such as broken rice, bran, and
husk.


HARESH CHEMICALS: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Haresh Chemicals (HC) and has assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to its bank facilities. The rating
was 'Suspended' by CRISIL vide the Rating Rationale dated
April 12, 2016 since HC had not provided necessary information
required to take the rating review. HC has now shared the
requisite information enabling CRISIL to assign a rating on its
bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              40       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        145       CRISIL A4 (Assigned;
                                     Suspension Revoked)

The ratings reflect the firm's large working capital requirement,
low profitability that is susceptibility to fluctuations in
foreign exchange (forex) rates and prices of traded goods. These
weaknesses are partially offset by the extensive experience of
its promoters in the bulk drugs industry.
Outlook: Stable

CRISIL believes HC's business risk profile will remain
constrained by its modest scale of operations and the intense
competition in the bulk drugs industry. The outlook may be
revised to 'Positive' if there is a significant and sustained
growth in the firm's revenue and profitability, leading to steady
increase in its cash accrual. The outlook may be revised to
'Negative' in case of weakening of its financial risk profile, on
account of stretch in working capital cycle, or larger-than-
expected capital withdrawal, or decline in its revenue and
profitability.

HC was set up by Mr. Bharat Kasat and his brother Mr. Haresh
Kasat in 1984. It trades in several bulk drugs, and has a
clientele of over 100 generic drug manufacturers. The firm is
managed by Mr. Bharat Kasat.


HARESH OVETA: CRISIL Assigns B+ Rating to INR20MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Haresh Oveta (HO) and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              20       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        100       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       20       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating was 'Suspended' by CRISIL vide the Rating Rationale
dated January 28, 2016 since HO had not provided necessary
information required to take the rating review. HO has now shared
the requisite information enabling CRISIL to assign a rating on
its bank facilities.

The ratings reflect the firm's modest scale of operations, low
profitability that is susceptible to fluctuations in exchange
rates, and large working capital requirement. These weaknesses
are partially offset by its promoters' extensive experience in
the bulk drugs trading business, and its healthy financial risk
profile because of low gearing and comfortable debt protection
metrics.
Outlook: Stable

CRISIL believes HO's business risk profile will remain
constrained by its modest scale of operations and exposure to
competition in the bulk drugs industry. The outlook may be
revised to 'Positive' if there is a significant and sustained
growth in the firm's revenue and profitability, leading to steady
increase in its cash accrual. The outlook may be revised to
'Negative' in case of weakening of its financial risk profile on
account of stretch in working capital cycle, or larger-than-
expected capital withdrawal, or decline in its revenue and
profitability.

HO was set up by Mr. Bharat Kasat and his brother Mr. Haresh
Kasat in 1984. It trades in several bulk drugs and has a
clientele of over 100 generic drug manufacturers. It is managed
by Mr. Haresh Kasat -- click here to edit About the company


HIMANCHAL CONSTRUCTION: Ind-Ra Suspends BB+ LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Himanchal
Construction Company Private Limited's (HCCPL) 'IND BB+' Long-
Term Issuer Rating to the suspended category.  The Outlook was
Stable. The rating will now appear as 'IND BB+(suspended)' on the
agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for HCCPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

HCCPL's ratings:

   -- Long-Term Issuer rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR20 mil. long-term loan: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR90 mil. fund-based limits: migrated to
      'IND BB+(suspended)' from 'IND BB+' and to
      'IND A4+(suspended)' from 'IND A4+'
   -- INR20 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


HOTEL INDRAPRASTHA: ICRA Suspends 'B' Rating on INR11.23cr Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
the INR11.23 crore term loan facilities, INR0.25 crore fund based
limits and on the INR0.52 crore unallocated facilities of Hotel
Indraprastha Fairmont. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


ICL FINCORP: CRISIL Upgrades Rating on INR100MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facility and INR30-million non-convertible debentures of ICL
Fincorp Ltd (ICL: formerly known as Irinjalakuda Credits &
Leasing Company Limited) to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable', and has assigned its 'CRISIL B+/Stable' rating to the
INR90-million non-convertible debentures.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash           100       CRISIL B+/Stable (Upgraded
   Credit Limit                      from 'CRISIL B-/Stable')

The upgrade is mainly driven by improvement in capitalisation and
scale of operations. Promoters infused equity of INR78 million
during fiscal 2016. Consequently, the scale of business improved
with a significant increase in portfolio to INR206.5 million as
on March 31, 2016, from INR15.7 million as on March 31, 2015. The
company plans an increase in assets under management to INR300
million by March 2017.

The rating continues to reflect weak asset quality, and a small
scale of operations with geographic concentration. These rating
weaknesses are partially offset by adequate capitalisation.

As on March 31, 2016, gross non-performing assets stood at 12.9%,
though they have improved from 29.4% as on March 31, 2015. Poor
asset quality was mainly in the home appliances segment, which
has been discontinued. CRISIL believes that as the portfolio is
scaled up, improvement in asset quality will be a key rating
monitorable.

ICL is a small non-banking finance company with a loan portfolio
of INR206.5 million as on March 31, 2016, as against INR15.7
million a year earlier. It had 35 branches as on this date, and
has plans to open 100 branches by March 31, 2017. Moreover its
operations are concentrated in Kerala and Tamil Nadu.  The scale
of operations is likely to remain small with concentration mostly
in Kerala and Tamil Nadu, over the medium term.

Capitalisation is adequate because of a networth of around INR104
million and comfortable gearing of 1.5 times, as on March 31,
2016. Capitalisation has improved driven by equity infusion of
INR78 million by promoters during fiscal 2016. Networth has,
therefore, increased significantly to INR104 million as on
March 31, 2016, from INR22 million as on March 31, 2015.

Current capitalisation is expected to be sufficient considering
the scale of operations. However, ability of promoters to raise
capital required for growth will be critical and will remain a
key rating consideration.
Outlook: Stable

CRISIL expects ICL to maintain adequate capitalisation over the
medium term. The outlook may be revised to 'Positive' in case of
significant improvement in asset quality, earnings, scale of
operations, and resource profile. The outlook could be revised to
'Negative' if asset quality and profitability deteriorate,
thereby impacting capitalisation.

ICL was registered in 1991 in Chennai, Tamil Nadu. The company
was acquired by the current promoters in 2005. It offers gold
loan (82 percent) and business loans (Micro Small and Medium
Enterprise loans; 18 per cent). The promoters also operate in
real estate, chits, and tours and travel business through
separate firms.

For fiscal 2016, profit after tax (PAT) was INR2.9 million on
total income of INR28.5 million, against PAT of INR1.2 million on
total income of INR14.9 million for the previous fiscal.


IUA TRUST: CRISIL Assigns 'D' Rating to INR220MM Term Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of IUA Trust (IUA) and assigned its 'CRISIL D' rating to
the facility. CRISIL had suspended the ratings on April 14, 2016,
as the company had not provided information required for a rating
review. IUA has now shared the required information, enabling
CRISIL to assign the rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Secured Overdraft        5        CRISIL D (Assigned;
   Facility                          Suspension Revoked)

   Term Loan              220        CRISIL D (Assigned;
                                     Suspension Revoked)

The rating reflects delays in servicing of principal repayment on
term debt by over 10 days.

The rating also reflects weak financial risk profile because of
modest networth and high leverage. This weakness is partially
offset by financial support from the trustees.

IUA was set up in 2009 by members of the Dhingra family and
Maheshwari family to set up a recreational club cum sports centre
by the name of 'DD Club' at Delhi.


JAANN OFFSET: ICRA Suspends C+ Rating on INR4.35cr Term Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]C+ outstanding
on the INR4.35 crore term-loans and on the INR1.5 crore fund
based limits of Jaann Offset Printing Private Limited. ICRA has
also suspended the short-term rating of [ICRA]A4 outstanding on
the INR4.73 crore proposed limits and INR0.27 crore non-fund
based limits of the company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


JAIN VINIMAY: Ind-Ra Suspends D Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jain Vinimay Pvt
Ltd's (JVPL) 'IND D' Long-Term Issuer Rating to the suspended
category.  This rating will now appear as 'IND D(suspended)' on
the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for JVPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

JVPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR50 mil. fund-based working capital limits: migrated to
      Long-term 'IND D(suspended)' from Long-term 'IND D'
   -- INR14.3 mil. term loans: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'
   -- INR20 mil. non-fund-based working capital limits: migrated
      to Short-term 'IND D(suspended)' from Short-term 'IND D'


JCBL LIMITED: CRISIL Lowers Rating on INR340MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
JCBL Limited (JCBL) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           50       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             340       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Corporate Loan          119.2     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Inland/Import Letter    180       CRISIL D (Downgraded from
   of Credit                         'CRISIL A4')

   Proposed Long Term      269.8     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Rupee Term Loan         141.0     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delay in servicing term debt, almost fully
utilized bank lines and devolvement of letter of credit on
account of weak liquidity.

The ratings continue to reflect working capital-intensive
operation and weak financial risk profile, because of high total
outside liabilities to tangible networth and weak debt protection
metrics, and exposure to intense competition in the bus
manufacturing segment. These rating weaknesses are partially
offset by an established market position.

JCBL was incorporated in Chandigarh (Punjab) in 1989, and is
promoted by Mr. Rajinder Aggarwal. It caters to the bus building
requirements of Swaraj Mazda Ltd. JCBL manufactures bus bodies
for luxury coaches and special vehicles such as ambulances,
mobile automated teller machines (ATMs), bullet-proof vans (for
politicians), political campaign vehicles, and hospitals-on-
wheels.


JINDAL RICE: ICRA Suspends B- Rating on INR23.06cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- assigned to
the INR23.06 crore fund based limits and the short term rating of
[ICRA] A4 assigned to the INR0.62 crore non fund based limits of
M/s Jindal Rice and General Mills. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


K.S.R TEXTILE: ICRA Suspends B+ Rating on INR10.42cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+  outstanding
on the INR10.42 crore term-loans, the INR5.0 crore fund based
limits and on the INR15.50 crore proposed facilities of K.S.R
Textile Mills Pvt. Ltd. ICRA has also suspended the short-term
rating of [ICRA]A4 outstanding on the INR0.58 crore non-fund
based limits of the company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


KHOSLA ENGINEERING: ICRA Reaffirms B+ Rating on INR18cr Loan
------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+  to the INR12.00 crore
term loan and INR18.00 crore cash credit facilities of Khosla
Engineering Private Limited. ICRA has also reaffirmed the rating
of [ICRA]A4 to the INR5.00 crore non fund based bank facilities
of KEPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, Fund
   based limits-Cash
   Credit                  18.00        [ICRA]B+ reaffirmed

   Long Term, Fund
   based limits-Term
   Loan                    12.00        [ICRA]B+ reaffirmed

   Short Term, Non
   fund based limits        5.00        [ICRA]A4 reaffirmed

The ratings continue to reflect KEPL's leveraged capital
structure with a gearing of 7.1x in FY2016 and weak debt coverage
indicator on account of low accruals and debt funded capital
expenditure incurred in the past. Also the company has high
working capital intensity due to sizeable advance payments made
to suppliers resulting in high working capital debt. The ratings
are also constrained by KEPL's limited bargaining power against
large customers and its modest scale of operations. The company
has sizeable debt repayment obligations in next two years and
ensuring adequate capacity utilisations remains critical. The
ratings however draw comfort from KEPL's reputed clientele and
financial flexibility provided by being part of Kothari group.
The ratings also favourably factor KEPL's conservative policy of
order backed raw material procurement, which protects
profitability in case of adverse commodity price movement. The
company has long term purchase contract with the suppliers with
monthly price setting which ensures stable supply of raw
material. Going forward, KEPL's ability to ramp up its capacity
by adding new clients and judicious working capital management
will be the key rating sensitivity factors.

Incorporated in 1966, KEPL is engaged in the manufacture of
solder wires, zinc wires and aluminium wires. KEPL has
established relationships with domestic zinc and tin suppliers,
which ensures stable raw material supplies. KEPL supplies zinc
wires to reputed domestic Ductile Iron (DI) pipe manufacturers,
while solder wires are sold to leading electronic component
manufacturers across India. The manufacturing facilities of the
company are located at Dhandore (near Pune) in Maharashtra.


L. D. SOLVEX: CRISIL Reaffirms 'B' Rating on INR56.4MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of L. D. Solvex
Private Limited (LDS) continues to reflect the company's weak
financial risk profile because of high gearing and subdued debt
protection metrics, and its large working capital requirement.
These weaknesses are partially offset by the extensive experience
of its promoters in the rice industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            56.4      CRISIL B/Stable (Reaffirmed)
   Term Loan               3.6      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LDS will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company has significant cash
accrual or improves its working capital management, leading to a
better financial risk profile. The outlook may be revised to
'Negative' in case of a steep decline in its revenue and
profitability resulting in low cash accrual, or large debt-funded
capital expenditure, or stretch in working capital cycle, leading
to deterioration in its financial risk profile.

LDS, incorporated in 1998 and based in Punjab, manufactures crude
rice bran oil. It has installed capacity of 100 tonne per day.
The company is promoted by Mr. Pradeep Sharma and Mr. Rakesh
Sharma, who have been in the rice industry for two decades.


LIFESPRING HOSPITALS: ICRA Suspends B+ Rating on INR4.25cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR4.25 crore bank line of credit of Lifespring Hospitals Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Formed as a Private Ltd. Company in February 2008, LifeSpring
Hospitals Private Limited (LHPL) is jointly owned by HLL Lifecare
Ltd. (a Government of India enterprise) and Acumen Fund (a US-
based social venture capital fund).

LifeSpring is formally registered in Kerala, India. LifeSpring
currently operates 12 hospitals in the city of Hyderabad. It
started with 25 bed hospital in 2008 and currently has a capacity
of 150 beds.

LHPL operates small sized (20 bed) maternity hospitals in the
proximity of urban slums, providing core maternal healthcare
(antenatal and postnatal, normal and caesarian deliveries, and
family planning services) at an affordable prices. LifeSpring
also provides pediatric care (including immunizations),
diagnostic and pharmacy services, and health care education to
the communities in which its hospitals are located.


LOKNETE BABURAO: CRISIL Assigns 'B+' Rating to INR150MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the long-term bank facilities of Loknete Baburao Patil Agro
Industries Limited (LBPAIL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               150       CRISIL B+/Stable (Assigned)
   Short Term Loan         200       CRISIL A4 (Assigned)

The ratings reflect the company's below-average financial risk
profile because of high gearing, its large working capital
requirement, and susceptibility to cyclicality and regulatory
changes in the sugar industry. These weaknesses are partially
offset by adequate operating efficiency backed by integrated
operations, and extensive industry experience of its promoters.
The company is setting up a cotton spinning mill. Timely
completion of the project within the anticipated budget and tie-
up of funding are key rating sensitivity factors.
Outlook: Stable

CRISIL believes LBPAIL will benefit over the medium term from
integrated operations and established relationships with farmers.
The outlook may be revised to 'Positive' if significant increase
in cash accrual due to improved operating margin leads to a
better financial risk profile, particularly liquidity. The
outlook may be revised to 'Negative' if financial risk profile
deteriorates because of low cash accrual, or stretch in working
capital cycle due to larger-than-expected inventory, or time and
cost overrun in capex.

LBPAIL, incorporated in 2012, took over operations of co-
operative society Loknete Baburao Patil Sahakari Sakhar Kharkhana
Ltd, which was started by Mr. Rajan Baburao Patil in 1999. It has
sugarcane crushing capacity of 4000 tonne per day (tpd), enhanced
from 1250 tpd in 2014-15. Its sugar mill is in Solapur,
Maharashtra, and operations are fully integrated with an 18-
megawatt (MW) co-generation plant, 1.47-MW biogas plant, and a 30
kilolitre per day distillery. The management intends to set up a
16,416-spindle cotton spinning mill in Maharashtra.


LORVIN INDUSTRIES: ICRA Lowers Rating on INR49cr Term Loan to D
---------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR49.00
crore term-loans of Lorvin Industries Limited from [ICRA]B-  to
[ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term, Term         49.00       [ICRA]D/Downgraded
   Loans                                from [ICRA]B-

The rating revision reflects the delays witnessed in meeting
repayment commitments on its term borrowings from banks, owing to
Lorvin's stressed liquidity position. Lorvin was in process of
setting up a distillery unit for manufacturing Rectified Spirit,
ENA (Extra neutral alcohol) and Ethanol, with Commercial
Operation Date (COD) initially slated for December 2012, which
was later moved to September 2014 owing to delays in obtaining
requisite approvals from authorities. This delay resulted in a
sizeable cost overrun, which the company has been unable to fund,
and resulted in further setback with the project yet to declare
COD.
The ability of the company to tie up required funding and restart
work on the project, and regularise its debt servicing, remain
the key rating sensitivities.

Lorvin Industries Limited was incorporated in 2006 and is in
process of setting up a distillery unit for manufacturing
Rectified Spirit, ENA and Ethanol. It has obtained approval from
Government of Karnataka for setting up of a 64 klpd distillery
plant in Bailhongal Taluq of Belgaum district. This would be a
standalone distillery and would procure molasses from the sugar
plants in the vicinity. The budgeted project cost was around
65.50 Cr, funded through a Debt: Equity mix of 2.9:1. Lorvin is
promoted by Mr. K.S. Suresh Kumar, who has experience in managing
and in trading of agro- products and molasses in South India.
Lorvin has signed up Pune-based Excel Engineers and Consultants
India Limited for the turnkey contract of the plant.


MAK CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR15cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+  for the
INR15.00 crore fund based facilities of MAK Constructions.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term, fund
   based facilities        15.00        [ICRA]B+ reaffirmed

The reaffirmation of the rating takes into account the healthy
revenue growth registered by the firm over the last two fiscals;
MAK's established track record in the construction of roads and
bridges for various government agencies; and the long standing
experience of the promoters in the industry. ICRA also notes that
while orders from government sector/government-funded projects
ensure low counter party risk, it also exposes the firm to
potential delays in receivables.

The rating is constrained by the small scale of the firm's
operations, which limits its ability to participate in large-
sized orders. The rating is further constrained by MAK's weak
order book position and the high working capital intensity of its
operations, in line with industry trends. The rating also takes
note of the risks of capital continuity associated with being a
partnership firm.

MAK Constructions (MAK) is a partnership concern established in
2001 with Mr. R.T. Venkatesh Kumar, Mr. S.R. Chandra Mohan and
Mrs. R. Mekhala as partners. This firm undertakes small scale
infrastructure projects and is primarily focused on the laying
and maintenance of roads (national highways, state highways and
private roads) and bridges. MAK undertakes projects within a 100
km radius of Madurai, Tamil Nadu. The managing partner, Mr. S.R.
Chandra Mohan, has been involved in the construction segment as a
proprietor since 1989; while his partner, Mr. R.T. Venkatesh
Kumar, began his career as a construction contractor in 1995.


MEERA CASTING: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
------------------------------------------------------------
ICRA has assigned the long-term rating at [ICRA]B to the INR4.00
crore cash credit facility and INR2.65 crore term Loan facility
of Meera Casting (MC).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              4.00        [ICRA]B; assigned
   Term loan                2.65        [ICRA]B; assigned

The assigned ratings are constrained by the weak financial
profile of the firm as depicted from low margins, stretched
capital structure, as the firm mortgage loan for the last couple
of years resulted in high gearing, and moderate debt coverage
indicators. ICRA notes its exposure to fluctuations in raw
material prices along with the firm's inability to pass the same
on to its customers, owing to a highly competitive business
environment, given the fragmented nature of the foundry industry.
ICRA further considers the firm's constitution as a partnership,
which exposes it to risks of capital withdrawal, dissolution etc.

The ratings, however, favourably take into account the experience
of the management in the foundry line of business and its
proximity to raw material sources as the facility is located in
Rajkot, well known for engineering goods. Moreover, ICRA
considers the benefits in the form of regular orders from reputed
clientele base, namely Crompton Greaves, Kirloskar Group, etc
owing to established relationship with them for over a decade.

Established in 2009 as a partnership firm by Mr. Ashvinbhai
Sorathiya and his relatives, Meera Casting (MC) manufactures all
kinds of C.I. castings. The products manufactured by the firm
find applications in various sectors such as electrical items,
engineering goods, automobiles, pumps, valves, etc. The
manufacturing unit is located at village Vavdi, Rajkot and is
equipped with a miller machine, core shooter and moulding
machines, thus facilitating smooth processing of the foundry. The
firm has an overall installed capacity of 9000 MT.

Recent Results
For the year ended March 31, 2016, the firm reported an operating
income of INR22.27 crore and profit before tax of INR1.20 crore
as per the provisional financials.


MULPURI FISHERIES: CRISIL Ups Rating on INR1.02BB Cash Loan to B
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Mulpuri Fisheries Private Limited (MFPL; part of the Mulpuri
group) to 'CRISIL B/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1020      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt by the group over
the four months through June 2016. The upgrade also factors in
CRISIL's belief that the group will continue to meet its debt
obligations in a timely manner over the medium term, backed by
continued funding support from promoters.

The rating reflects the group's below-average financial risk
profile, working capital-intensive operations, and exposure to
risks inherent in the poultry and aqua-culture industries. These
rating weaknesses are partially offset by an established regional
market position in the poultry and aqua-culture industries and
the extensive industry experience of its promoter.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MFPL, Mulpuri Foods and Feeds Pvt Ltd
(MFFPL), Mulpuri Poultries (MP), and Sri Venkateswara Poultry
Farm (SVPF). This is because all these entities, together
referred as the Mulpuri group, have a common management, and
significant intra-group operational and financial linkages.
Furthermore, there are cross corporate guarantees extended to
each other.
Outlook: Stable

CRISIL believes the Mulpuri group will continue to benefit over
the medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in revenue and profitability
margins, or continued improvement in working capital management.
The outlook may be revised to 'Negative' in case of a steep
decline in profitability margins, or significant deterioration in
the capital structure of the group caused most likely by large,
debt-funded capital expenditure or a stretched working capital
cycle.

The Mulpuri group was set up by Mr. Lakshmana Swamy who has more
than three decades of experience in the poultry industry. The
group is based in Vijayawada, Andhra Pradesh.

SVPF, established in1992, and MP, established in 2003, sell
hatching eggs. MFFPL, incorporated in 2009, manufactures floating
fish feed and poultry feed. MFPL, was incorporated in 2009,
breeds Pangasius and Indian carp fish.


NAGARJUNA STEEL: CRISIL Ups Rating on INR150MM Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Nagarjuna Steel Private Limited (NSPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Channel Financing      150        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in the financial risk profile,
particularly liquidity, of the company because of an enhanced
bank limit and funding support from promoters. Working capital
limit has been enhanced by INR50 million, thus increasing
financial flexibility. Additionally, promoters have supported
working capital requirement through equity infusion in the past
and are expected to infuse INR30 million in fiscal 2017, thus
further improving liquidity. CRISIL believes the improved
liquidity will be maintained over the medium term, backed by
steady profitability and funding support from promoters.

The rating reflects a below-average financial risk profile
because of a small networth, high total outside liabilities to
tangible networth ratio, and weak debt protection metrics. The
rating also factors in exposure to intense competition in the
construction material trading industry, resulting in low
profitability margins. These rating weaknesses are partially
offset by the extensive experience of the promoters in the steel
industry.
Outlook: Stable

CRISIL believes NSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established relationship with customers. The outlook may be
revised to 'Positive' in case of significant and sustained
increase in profitability margins, or substantial improvement in
capital structure on the back of sizeable equity infusion. The
outlook may be revised to 'Negative' in case of a steep decline
in profitability margins, or significant deterioration in the
capital structure caused most likely by a stretched working
capital cycle.

NSPL was incorporated in 2009, promoted by Mr. Mahender Reddy.
The company, based in Hyderabad, trades in steel and cement of
JSW brand.


NARENDRA EMPORIS: ICRA Reaffirms B+ Rating on INR15cr Loan
----------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating to the INR15.00 crore
long-term, fund based line of credit facility and the INR15.00
crore cash credit facility (sub-limit within line of credit) of
Narendra Emporis Limited. ICRA has also re-affirmed a rating of
[ICRA]A4 to the short-term fund based facilities of INR13.50
crore (sub-limit within line of credit) facilities of NEL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Line of Credit          15.00        [ICRA]B+; Re-affirmed
   Cash Credit            (15.00)       [ICRA]B+; Re-affirmed
   Packing Credit         (10.00)       [ICRA]A4; Re-affirmed
   Inland/Foreign
   Letter of Credit       (3.50)        [ICRA]A4; Re-affirmed

The ratings continue to consider NEL's de-growth in operating
income from INR147.25 crore in FY2014 to INR101.18 crore in
FY2015, and further decline to INR78.70 crore during FY2016,
owing to reduction in sales of cotton yarn and cotton bales. ICRA
also considers leveraged capital structure, where the total debt
of the company has increased from INR32.91 crore in FY2014 to
INR41.07 crore in FY2015. It has further increased to INR45.92
crore in FY2016. This has resulted in increasing gearing level
from 2.21 times as on March 31, 2015, to 2.34 times as on
March 31, 2016. The ratings are further constrained by increased
working capital intensity due to increased inventory holding. The
company's profitability is exposed to the vulnerability towards
fluctuations in raw material prices, which are subject to
seasonality and crop harvest and regulatory risks with regard to
minimum support price (MSP) of raw cotton and cotton bales. ICRA
further notes that an intensely competitive market has restricted
the ability of the company to fully pass on the increased
material cost to customers, affecting the profitability of the
company.

The ratings, however, positively consider the longstanding
experience of the promoters in the textile industry, especially
in spinning and exports of cotton yarn. ICRA also notes the
favourable location of the company at Rajkot, Gujarat, the
largest cotton producing state in India, as well as the company's
backward integration with a group concern, Manmohan Ginning
Industries, for manufacturing cotton bales, which ensures easy
and cost effective delivery of raw materials. Diversification
into ring spun cotton carded yarn is expected to provide revenue
visibility and better realisations, going forward.

ICRA expects NEL's revenue and profitability to remain critical
because of the cyclicality associated with demand in the textile
industry. The company's ability to scale up operation and achieve
higher revenue with improved profitability, and its effort to
improve its capital structure, would be the key rating
sensitivities.

Narendra Emporis Limited (NEL) (erstwhile, Narendra Cotton
Ginning & Pressing Company Private Limited) was incorporated in
1997. The company was initially set up as a ginning and pressing
unit for processing raw cotton into bales. Later in 2007-08, the
company undertook expansion through forward integration into
spinning of yarn (open ended), equipped with six spinning
machines with 1,728 rotors. From FY2015, the company also
diversified into ring spun carded cotton yarn manufacturing with
installation of 13 spinning machines and three attachments with
16,704 spindles. The manufacturing unit of the company is located
at Rajkot, which is in proximity to cotton growing farmers,
resulting in easy access to raw material.

Currently, the business is being managed by Mr. Narendra Lakhani,
who has had more than 30 years of experience in the cotton
business. He is assisted by his two sons, Mr. Dharmesh Lakhani
and Mr. Niraj Lakhani.

Recent Results
During FY2015, the company registered a net loss of INR2.2 crore
on an operating income of INR101.2 crore.


NEW CITIZEN: ICRA Assigns 'B+' Rating to INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR5.00
crore long-term fund based limits and the INR5.00 crore long-term
unallocated limits of New Citizen Cars.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              5.00        [ICRA]B+ Assigned
   Unallocated              5.00        [ICRA]B+ Assigned

Rating Rationale
The assigned rating takes into account the established presence
of the group (including Citizen Cars and New Citizen Cars) in the
pre-owned cars (POC) market in Bangalore, the firm's dealings in
mainly high-end range of cars and its association with a large
number of dealers to facilitate supply of POC's. The rating also
takes into account low exposure of the POC industry to cyclical
nature of the Indian passenger vehicle industry.

The rating is, however, constrained due to the low operating
profitability given the trading nature of business and the
limited geographical presence of the firm, with a single showroom
in Bangalore. The firm is vulnerable to inventory price risk as
it is required maintain a high inventory which also leads to high
working capital utilisations. However, the working capital
utilisation is expected to improve over the medium term on the
back of expected enhancement in working capital facilities by
March 2017. The rating also takes into account the moderate
capital structure and weak coverage indicators, as indicated by
gearing of 1.08 times, Total Debt / OPBITDA of 10.45 times and
NCA (Net Cash Accruals) / Total Debt of 5.61% as on March 31,
2016. The rating also considers intense competition from other
OEM and private POC dealers in the city. However, this risk is
mitigated to some extent as the firm ensures quality of the POC
available with it by certifying them from Cardekho, one of
India's leading auto portal, which also provides after-sales
warranty.
Going forward, the key rating sensitivities would be the firm's
ability to maintain its working capital intensity, while
improving its profitability and scale of operations.

Established in 2010 by Mr. Ghouse Sait (son of Mr. Haneef Sait)
as a proprietorship firm in Bangalore, New Citizen Cars is a
private pre-owned car (POC) dealer which primarily deals in high-
end range of cars. The major car brands include- Ford, Honda,
Hyundai, Rolls Royce, Bentley, Land Rover, ToyotaBenz, BMW, Audi,
Bugatti, Harley Davidson, Lamborghini, Jaguar, Volkswagen,
Chevrolet and Skoda. The firm has one showroom in Banswadi which
has a capacity of keeping ~60 cars. It has a sister concern,
called, Citizen Cars, which is also a private POC dealer and
operates out of a showroom with a capacity of keeping ~110 cars
in Hebbal, Bangalore.

Recent Results
During 2015-16 (based on provisional figures), the firm reported
a profit before tax of INR0.40 crore on an operating income of
INR29.20 crore, as against a profit before tax of INR0.21 crore
on an operating income of INR0.91 crore during 2014-15.


NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+  to the
INR7.00 crore1 (enhanced from INR4.90 crore) fund based working
capital facilities of Nissan Syntex Private Limited. ICRA has
also re-affirmed the short-term rating of [ICRA]A4 to the INR4.00
crore (enhanced from INR3.25 crore) short-term fund based export
packing credit facilities (sub-limit of Cash Credit) and INR0.25
crore (enhanced from nil) of bank guarantee facility (sub-limit
of Cash Credit) of NSPL. ICRA has further assigned an
[ICRA]B+/[ICRA]A4 rating to the INR0.05 crore unallocated limits
of NSPL.


                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-
   Cash Credit              7.00       [ICRA]B+; re-affirmed

   Fund Based Limit-
   PC/PCFC/FBP/FBD/
   FCBP/FCBD                4.00       [ICRA]A4; re-affirmed

   Non-Fund Based Limit
   Bank Guarantee           0.25       [ICRA]A4; re-affirmed

   Unallocated Facility     0.05       [ICRA]B+/A4; assigned

The ratings continue to takes into account NSPL's relatively
modest scale of operations along with leveraged capital structure
where total Debt of the company has increased from INR8.43 crore
in FY2015 to INR9.36 crore in FY2016 mainly due to infusion of
unsecured loan and increase in working capital borrowings. High
debt level has resulted in high gearing level at 3.47 times as on
March 31, 2016. Coverage indicators, namely interest coverage and
NCA/TD, have also remained modest at 1.57 times and 8%,
respectively, as on March 31, 2016. ICRA also notes that
elongated receivable days and inventory holding have resulted in
high working capital intensity of 37% as on March 31, 2016. The
ratings further take into account the highly competitive nature
of the textile business due to low entry barriers in the
industry, raw material prices prone to seasonal fluctuations, as
well as supply side constraints impacting margins and foreign
exchange currency rate fluctuations due to exposure to export
sales.

The ratings, however, positively consider the experience of
NSPL's promoters in the textile industry, easy access to raw
materials from reputed suppliers because of longstanding
relationship with them. ICRA also notes the firm's reputed
customer base along with the repetitive nature of business with
them. The ratings further take into account the substantial
growth of 43.02% in revenue during FY2016.

ICRA expects NSPL's reputed customer base will limit its
bargaining power, which may impact profitability. The company's
ability to enhance its scale of operations along with maintaining
growth and profitability, while improving its capital structure,
would be the key rating sensitivities.

Incorporated in 1982, Nissan Syntex Private Limited (NSPL) is a
private limited company promoted by Mr. Harkishandas P. Parekh,
who has vast experience in the textile industry. NSPL initially
commenced its operations as a trading unit, before gradually
beginning to manufacture within its own premises. The company is
engaged in various diversified businesses such as trading of
fabrics, manufacturing and trading of readymade garments as well
as distributorship of Mafatlal Denim Limited. Originally, the
distributorship business was under Niva Syntex Private Limited (a
group concern) and later in FY2012 it was shifted to Nissan
Syntex Private Limited. Further, from April 2013 the company has
also been appointed as a distributor of "Arvind Limited" for
cotton fabrics.

Recent Results

During FY2015, the company registered net profit of INR0.3 crore
on an operating income of INR18.6 crore.


NUTRIVET COMPANY: ICRA Suspends B- Rating on INR7cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- assigned to
the INR7.00 crore fund based limits and the long term rating of
[ICRA] B- assigned to the INR2.00 crore unallocated limits of M/s
Nutrivet Company Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


ORISSA ORDER: Ind-Ra Suspends D Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Orissa Order
Suppliers Pvt. Ltd.'s (OOSPL) 'IND D' Long-Term Issuer Rating to
the suspended category.  The rating will now appear as
'IND D(suspended)' on the agency's website.  The agency has also
migrated the company's INR210 mil. fund-based limits to Long-term
'IND D(suspended)' from Long-term 'IND D'.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for OOSPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


PARAS COMMERCIAL: Ind-Ra Suspends B Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Paras Commercial
Corporation's (PCC) 'IND B' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for PCC.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

PCC's Ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR45 mil. fund-based limits: migrated to
      'IND B(suspended)' from 'IND B'
   -- INR40 mil. non-fund-based limits: migrated to
      'IND A4(suspended)' from 'IND A4'


PORWAL GINNING: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Porwal
Ginning And Pressing Private Limited (PGPPL) continues to reflect
the company's small scale of operations in the intensely
competitive cotton industry, below-average financial risk profile
and susceptibility of operating performance to volatility in
cotton prices and government regulations. These weaknesses are
partially offset by extensive experience of promoters and their
funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           50         CRISIL B+/Stable (Reaffirmed)
   Term Loan             26.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PGPPL will benefit over the medium term from the
extensive experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if significant increase
in scale of operations and profitability results in sizeable cash
accrual. The outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens further due to
decline in scale of operations and profitability, stretch in
working capital cycle, or large, debt-funded capital expenditure.


Incorporated in 2012 in Manwath, Maharashtra, and promoted by Mr.
Jaiprakash Porwal and Mr. Vijay Porwal, PGPPL gins cotton and
presses cotton seed to extract oil.


PRAFULLYA COLD: Ind-Ra Suspends D Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prafullya Cold
Storage's 'IND D' Long-Term Issuer Rating to the suspended
category.  The rating will now appear as 'IND D(suspended)' on
the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for Prafullya.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Prafullya's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR12 mil. Long-term loans: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'
   -- INR39.8 mil. fund-based working capital limits: migrated to
      Long-term/Short-term 'IND D(suspended)' from Long-
      term/Short-term 'IND D'
   -- INR1.5 mil. non-fund-based working capital credit limits:
      migrated to Short-term 'IND D(suspended)' from Short-term
      'IND D'


PRAGANA DANWAR: CRISIL Assigns 'B-' Rating to INR60MM Term Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Pragana Danwar Food Processor Pvt Ltd (PDFPPL) and
has assigned its 'CRISIL B-/Stable' rating to the long-term bank
facilities of PDFPPL.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Term Loan               60        CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

The ratings were previously 'Suspended' by CRISIL vide Rating
Rationale dated March 09, 2016, since PDFPPL had not provided
necessary information required for a rating review. PDFPPL has
now shared the requisite information enabling CRISIL to assign
ratings to its bank facilities.

The rating reflects the company's weak liquidity because of
tightly matched accrual and debt obligation. The rating also
factors in the small scale of operations, and weak financial risk
profile on account of high gearing and small networth. These
weaknesses are partially offset by the considerable industry
experience of the promoters, established relationships with
customers and need-based financial support extended to the
company.
Outlook: Stable

CRISIL expects PDFPPL will maintain its business risk profile
over the medium term backed by the extensive experience of the
promoters in the rice milling industry and diversified customer
base. The outlook may be revised to 'Positive' if a substantial
and sustained increase in scale of operations and cash accrual,
driven by stabilisation of operations and prudent working capital
management improves the financial risk profile. The outlook may
be revised to 'Negative' if low accrual, stretch in working
capital cycle, or large debt funded capex weakens the financial
risk profile, particularly liquidity.

Incorporated in September 2011, PDFPPL is engaged in the business
of milling of non-basmati rice. It also mills rice on job work
basis for Food Corporation of India. The directors of the company
are Mr Nag Banish Singh, Mrs Raj Mani Devi, Mr Vivek Singh Nag
and Mr Vishal Singh Nag. The manufacturing facility is located in
Patna, Bihar.


RAJARAM MILLS: ICRA Suspends B- Rating on INR5.0cr Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- outstanding
on the INR5.0 crore fund based limits and on the INR0.5 crore
non-fund based limits Rajaram Mills Private limited. ICRA has
also suspended the short-term rating of [ICRA]A4 outstanding on
the INR2.0 crore non-fund based limits of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


ROYALICA TILES: ICRA Assigns 'B/A4' Rating to INR7.07cr Loan
------------------------------------------------------------
ICRA has assigned the ratings of [ICRA]B and [ICRA]A4 to INR7.07
crore proposed bank limit of Royalica Tiles.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Proposed Unallocated
   Limit                     7.07         [ICRA]B/A4; assigned

The assigned rating reflects RT's financial profile which is
expected to remain stretched in the near term to medium term
given the debt funded nature of project and impending debt
repayment. The rating further takes into account the lack of
track record of company's operation as well as risk associated
with stabilisation of its operations. The rating is also
constrained by vulnerability of profitability and cash flows to
cyclicality inherent in real estate industry which is the main
consuming sector and highly competitive nature of the business,
which keeps the margins under pressure.

The rating, however, favourably takes into account the past
experience of the promoters in the ceramic industry as well as
favourable location of the plant which allows easy access of raw
material.

Going forward, ICRA expects the operating income of the company
to witness moderate growth. However, the ability of the company
to stabilize operations, manage input costs given the volatility
associated with raw material prices and pricing pressure owing to
high competitive intensity will remain the key rating
sensitivities.

Established in 2016, the firm would be engaged in manufacturing
of digital vitrified parking tiles with an annual production
capacity of 51300 MTPA (9000 boxes per day). Royalica Tiles is
expected to commence its trial run from 15th July 2016 and will
commence its commercial production from August 2016.The firm will
initially manufacture two sizes of digital vitrified parking
tiles i.e. 12"x12" and 8"x24".


S.A. ANANDAN: ICRA Suspends B+ Rating on INR16.59cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding
on the INR16.59 crore term loan facilities, INR25.0 crore fund
based limits and on the INR3.93 crore proposed limits of S.A.
Anandan Spinning Mills Pvt. Ltd. ICRA has also suspended the
short-term rating of [ICRA]A4 outstanding on the INR5.0 crore
fund based facilities and INR10.22 crore non-fund based limits of
the company. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


S. A. PLYWOOD: CRISIL Reaffirms B+ Rating on INR115MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of S. A. Plywood Industry
Private Limited (SAPIPL) continue to reflect the company's modest
scale and working capital-intensive nature of operations and its
average financial risk profile marked by small networth, high
gearing, and muted debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the plywood industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)

   Cash Credit          115.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    22.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility    50.0       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes SAPIPL will continue to benefit over the medium
term from the extensive experience of SAPIPL's promoters in the
plywood industry. The outlook may be revised to 'Positive' in
case of substantial and sustained increase in operating income
and cash accrual, along with improved working capital management.
Conversely, the outlook may be revised to 'Negative' if sharp
decline in revenue level and cash accrual, large debt-funded
capital expenditure, or stretch in working capital cycle
resulting in further weakening of the financial risk profile.

SAPIPL, formed in 1979 as a partnership concern by Mr. Arun Saha
and Mr. Salil Shah, was reconstituted as a private limited
company in 2009. The company manufactures plywood, block board
and flush door at its facility in Mathabhanga in Coochbehar (West
Bengal). The company sells its products under the brand name
Globe, Glider and Grand.


SAI POINT: ICRA Assigns 'B' Rating to INR12cr Asset Backed Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR12.00
crore long-term fund based facility of Sai Point Bikes and Cars
(SPBC).


                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based limits-
   Asset Backed Loan-
   Dropline facility       12.00        [ICRA]B assigned

The assigned ratings are constrained by Sai Point Bikes and Cars
(SPBC)'s startup phase of operations and the inherent low margin
in pre-owned car resale business. Also, there is high dependence
on external borrowing for inventory funding, which has led to a
stretched capital structure. The rating is further constrained by
the intense competition from the pre-owned car sales programme of
luxury car manufactures and other dealers in the luxury car
resale business. ICRA also takes note of SPBC's exposure to the
inherent cyclicality of the passenger vehicle industry by virtue
of its linkage to the macroeconomic environment. Moreover, SPBC
is also exposed to the risks associated with the entity's status
as a proprietorship firm, including the risk of capital
withdrawal by the proprietor or discontinuation of business on
proprietor's will.

The rating, however, favourably takes into account the
established track record of the promoter, having a long
experience in car dealership and vehicle financing business
through its other group companies. The rating also factors in the
operational synergy derived from SPBC being a part of the Sai
Point Group, which is one of the leading automobile dealers in
two-wheelers and four-wheelers segment in Maharashtra.

In FY2017, ICRA expects the firm's operating income to grow at a
robust year-on-year growth rate of ~20%, given the growing demand
for pre-owned luxury car driven by the strong desire to own a
luxury car with the upwardly mobile Indian middle class
increasingly headed for the 'affordable' pre-owned luxury four-
wheelers.

Going forward, the firm's ability to increase its revenues and
accruals by improving the scale of operations, ided by the
anticipated improvement in domestic sales volume of the pre-owned
luxury car segment, given the rising disposable income level of a
segment of the Indian population while managing working capital
cycle, will be the key rating sensitivities.

Established in 2015, Sai Point Bikes and Cars (SPBC or firm) is a
proprietorship concern started by Mr. Dilip Patil. SPBC
refurbishes and sells pre-owned luxury cars of known brands,
mainly Audi, Mercedes Benz, BMW and Jaguar. The concern has two
showrooms - one in Mumbai and the other in Pune.

SPBC is part of the established Sai Point Group, based in Thane,
Maharashtra. The group's flagship company Sai Point Automobiles
Private is an authorised dealer of two-wheelers and spare parts
manufactured by Honda Motorcycle and Scooter India, Private
Limited. The other group companies are also involved in
automobile (four wheeler) dealership and vehicle financing.

Recent Results:
SPBC has reported a profit before tax of INR0.27 crore on an
operating income of INR10.15 crore as December 31, 2015
(provisional statement).


SAINATH AUTOLINKS: ICRA Suspends B+ Rating on INR29.66cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR0.57 crore term loans and INR29.66 crore fund based bank
limits of Sainath Autolinks Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


SAMRAT WIRES: Ind-Ra Raises Long-Term Issuer Rating to B-
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Samrat Wires
Private Limited's (SWPL) Long-Term Issuer Rating to 'IND B-' from
'IND D'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The upgrade reflects SWPL's timely servicing of the term loan.
The ratings factor in the increase in the company's revenue and
the improvement in its EBITDA margin.  According to the
provisional financials for FY16, SWPL's revenue increased to
INR237.37 mil. (FY15: INR117.10 mil.) and the EBITDA margin to
11.98% (0.44%).  The ratings also factor in the over ten-years of
experience of the company's promoters in the wire manufacturing
industry and the company's comfortable liquidity as evident from
around 83.35% average utilization of the working capital
facilities during the 12 months ended June 2016.

The ratings, however, are constrained by SWPL's small scale of
operations and weak credit metrics.  In FY16 the revenue was
INR237.37 mil. (FY15: 117.10 mil.; FY14: 237.67 mil.; FY13:
338.41 mil.), interest coverage (operating EBITDA/gross interest
expense) was 0.84x (FY15: 0.02x), and net leverage (total
adjusted net debt/operating EBITDAR) was 9.55x (412.37x).

                      RATING SENSITIVITIES

Positive: A significant revenue growth along with improved credit
metrics could lead to a positive rating action.

                          COMPANY PROFILE

Established in 2010, SWPL manufactures wires at its state-of-the-
art facility in Khopoli, Raigad (Maharashtra).

SWPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND B-'/Stable from
      'IND D'
   -- INR50 mil. fund-based limits: upgraded to 'IND B-'/Stable
      from 'IND D' and assigned 'IND A4'
   -- INR54 mil. term loans (increased from INR50 mil.): upgraded
      to 'IND B-'/Stable from 'IND D'
   -- INR30 mil. non-fund-based limits (reduced from INR50 mil.):
      upgraded to 'IND B-'/Stable from 'IND D' and assigned
      'IND A4'


SANSKAR EDUCATIONS: ICRA Suspends 'B' Rating on INR24cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR24.00 crore fund based facilities of Sanskar Educations
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SANT DEEPAK: ICRA Assigns B- Rating to INR13cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B-  to the
INR13.00 crore fund based limits of Sant Deepak Educational and
Charitable Trust (SDECT).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       13.00        [ICRA]B-; assigned

The rating is constrained by SDECT's highly leveraged capital
structure (Gearing of 11.6x as on March 31, 2015), weak debt
protection metrics (DSCR3 of 0.99x, NCA4/Total Debt of 3.3% and
Debt/Operating Surplus of 7.5x for FY2015) owing to debt-funded
capex and pending ramp up in surpluses as well as liquidity
pressures largely on account of delayed receivables from the
state government against the subsidy related fee (NWC/RR5 of
60.7% in FY2015, however substantial amounts have been received
in FY2016). ICRA's rating action is constrained by the highly
competitive nature of the education sector and oversupply
situation prevalent in engineering courses where SDECT is a
relatively new entrant, thus having limited track record and
modest operating metrics (course occupancy of 40%). The rating,
however, draws comfort from SDECT's adequate infrastructure and
student to teacher ratio. The rating also positively takes into
account the moderate surplus margins and the increase in new
admissions by 22% in FY2016.
The ability of the trust to ramp up its operating scale while
improving occupancy and managing cash flows and liquidity profile
and also receive timely promoter funding support will be the key
rating sensitivities.

SDECT was incorporated in 2007 by Mr Mewa Ram, Mr Ish Chadda, Mr
Rakesh Kumar, Mr Sanjay Jindal, Mr Narendra Chauhan and Mr Rajan
Kumar in Radour, Yamuna Nagar (Haryana). The trust established
its institute Global Research Institute of Management &
Technology in Yamuna Nagar, Haryana in 2008, which offers
Bachelor of Technology (B.Tech), Master of Technology (M.Tech)
and diploma in engineering.

Recent Results
In FY2015, SDECT reported a net surplus of INR0.09 crore on
revenue receipts of INR6.15 crore compared to a net surplus of
INR0.57 crore on revenue receipt of INR6.51 crore, in the
previous year. The trust, on a provisional basis, reported
revenue receipts of ~INR6.32 crore and net surplus of INR0.66
crore for FY2016.



SARASWATI RICE: ICRA Suspends 'B' Rating on INR12cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR12.00 crore fund based limits of M/s Saraswati Rice & Gen.
Mills. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SATWIK STEEL: Ind-Ra Suspends B+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Satwik Steel
Private Limited's (SSPL) 'IND B+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for SSPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

SSPL's Ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR200 mil. fund-based limits: migrated to
      'IND B+ (suspended)' from 'IND B+'


SHEKHADA COTGIN: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR9.15 crore
long-term fund based facility of Shekhada Cotgin Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based-Cash
   Credit                   9.00        [ICRA]B+; reaffirmed

   Fund-Based-Term
   Loan                     0.15        [ICRA]B+; reaffirmed

The rating reaffirmation continues to be constrained by SCPL's
modest scale of operations; low value additive nature of
operations and intense competition on account of the fragmented
industry structure, leading to thin profit margins. The rating
also takes into account the weak financial profile as reflected
by low profitability, leveraged capital structure and weak
coverage indicators.

ICRA also notes the vulnerability of profitability, to the
adverse movements in raw cotton prices, which are subject to
seasonality and crop harvest and Government regulatory changes in
terms of MSP for procurement of raw cotton and exports.

The rating, however, favourably takes into account the experience
of the promoters in the cotton industry and the locational
advantage enjoyed by SCPL, given its easy access to high quality
raw cotton.

The turnover and margins are expected to remain in line with the
previous fiscal, given the stable outlook on prices and the
availability for raw cotton. However, the company's ability to
scale up the operations would be largely contingent to
improvement in international demand, given the seasonality in the
business, volatility in prices of cotton, high competitive
intensity and uncertain regulatory scenario. Further, the
company's ability to infuse funds to support its capital
structure and manage its working capital efficiently would be a
key rating monitor.

Established in 2011, Shekhada Cotgin Private Limited (SCPL) is a
private limited company managed by Mr. Paresh Shekhada, Mr. Virag
Shekhada and Mr. Bharat Shekhada. The company is involved in
ginning and pressing of raw cotton to produce cotton bales and
cottonseeds. SCPL's manufacturing facility is located at
Jamnagar, Gujarat and is currently equipped with 24 ginning
machines and a pressing machine with an installed capacity to
produce 200 cotton bales per day (24 hours operation).

Recent Results
During FY2015, SCPL reported an operating income of INR69.25
crore with net profit of INR0.07 crore against operating income
of INR67.21 crore, with net profit of INR0.05 crore. In FY2016
the company reported an operating income of INR70.02 crore with
an operating profit (OPBDITA) of INR1.19 crore.


SHIV SHAKTI: Ind-Ra Suspends BB- Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiv Shakti
Exporters Private Limited's 'IND BB-' Long-Term Issuer Rating to
the suspended category.  The Outlook was Stable.  The rating will
now appear as 'IND BB-(suspended)' on the agency's website.  The
agency has also migrated the company's INR350 mil. fund-based
limits to 'IND BB-(suspended)' and 'IND A4+(suspended)' from
'IND BB-' and 'INDA4+'.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for Shiv Shakti Exporters Private
Limited.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


SHREE JEE: Ind-Ra Suspends BB+ Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Jee Flour
Mills Pvt Ltd's (SJFM) 'IND BB+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND BB+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for SJFM.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

SJFM's Ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR100 mil. fund-based limits: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR2.2 mil. term loan: migrated to 'IND BB+(suspended)'
      from 'IND BB+'
   -- INR5 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


SHREE SITA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Sita
Ispat and Power Private Limited (Shree Sita) continues to reflect
a small scale of operations in the highly fragmented steel
industry, and large working capital requirement. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Shree Sita will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of a
significant increase in scale of operations while profitability
is maintained, or better working capital management, leading to
improvement in liquidity. The outlook may be revised to
'Negative' in case of weakening of the company's financial risk
profile, particularly liquidity, because of pressure on
profitability, sizeable working capital requirement, or
significant debt-funded capital expenditure.

Shree Sita was incorporated in 2004, promoted by Mr. Manoj
Agarwal along with his relative, Mr. Kailash Agarwal. The company
manufactures sponge iron with a capacity of 1 kiln of 100 tonne
per day.


SHRI SHYAM: Ind-Ra Suspends BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Shyam Agro
Biotech Private Ltd's (SABPL) 'IND BB+' Long-Term Issuer Rating
to the suspended category.  The Outlook was Stable.  The rating
will now appear as 'IND BB+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for SABPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

SABPL's Ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR140 mil. fund-based limits: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR3.7 mil. term loan: migrated to 'IND BB+(suspended)'
      from 'IND BB+'
   -- INR11.0 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


SHRIE HARIVALLABI: ICRA Suspends 'B' Rating on INR15cr Term Loan
----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
the INR15.0 crore term loan facilities, INR6.0 crore fund based
limits, INR2.10 crore non-fund based facilities and on the
INR1.90 crore proposed limits of Shrie Harivallabi Spinners
Private limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise


TRIPURARI AGRO: ICRA Suspends 'B' Rating on INR9.25cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR9.25 crore fund based limits of M/s Tripurari Agro Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


UMA SHANKAR: ICRA Suspends 'B' Rating on INR20cr Loan
-----------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
the INR20 crore fund based limits of Uma Shankar Textiles. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


VENKATESH COTTON: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venkatesh Cotton
Company (VCC) continue to reflect the firm's weak financial risk
profile because of modest networth, high gearing, and subdued
debt protection metrics, and exposure to volatility in cotton
prices and regulatory changes. These weaknesses are partially
offset by the extensive experience its promoters in the cotton
ginning business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          3.5      CRISIL A4 (Reaffirmed)

   Cash Credit            75.0      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         18.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VCC will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if sizeable capital infusion or high
cash accrual improves financial risk profile. The outlook may be
revised to 'Negative' if decline in revenue or profitability or
any large, debt-funded capital expenditure further weakens
financial risk profile, particularly liquidity.

Set up as a partnership firm in 2010 by members of the Biyani and
Binayake families and Mr. Devanand Dhoot, VCC gins raw cotton at
its unit in Bhokar, Maharashtra, which has a processing capacity
of 1000 quintal per day.


VIJAY PULSE: ICRA Assigns B+ Rating to INR7.50cr Cash Loan
----------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR0.17 crore term
loan and INR7.50 crore fund-based cash credit facilities of Vijay
Pulse Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loan                0.17        [ICRA]B+; Assigned
   Cash Credit              7.50        [ICRA]B+; Assigned

The assigned rating is constrained by the company's modest scale
of operations. The financial profile of the company remained
stretched as seen from the low operating margins of 2.7% in
FY2016 and the modest coverage indicators. The capital structure
of the company remained streched as reflected from high gearing
of 4.1 times as on March 31, 2016. The rating also takes into
account the highly competitive and fragmented industry with the
presence of numerous small and medium sized players as well as
established players.

The assigned rating favourably factors in the long experience of
the promoters in the gram processing business, as well as the
favourable demand outlook for pulses, being a part of the staple
food.

ICRA expects VPPL's turonver to improve marginally by ~5% in
FY2017, in anticipation of marginal improvement in capacity
utlisation levels. Further, the profitability is also expected to
remain low, in line with the past trend of the company. VPPL's
capital structure is likely to remain stretched over the medium
term. Further, the company's ability to achieve marginal growth
in operating income, in addition to improving its profitability
by successfully managing raw material prices, efficiently
managing its working capital and improving its capital structure
remain the key rating sensitivities.

The company was originally incorporated in the early 1995 as a
partnership concern, called "Shiv Pulse," a tuver dal processing
unit. Later, in 2002, the entity shifted its operations to besan
manufacturing and has converted into a private limited company in
the name of "Vijay Pulse Private Limited" (VPPL). The company is
promoted and managed by three directors i.e. Mr. Uday Vikani, Mr.
Praful Vikani and Mr. Devji Vikani.

The company's manufacturing facility is located in Veraval,
Shapar (Rajkot), Gujarat with an installed annual capacity of
producing 10500 MTPA of besan. The company processes yellow peas
to manufacture besan, which is packed and marketed under the
brand names of 'Sonamohar,' 'Boss' and 'Vijay'. The company and
most of its customers are wholesalers based in Saurashtra,
Gujarat.

Recent Results
During FY2015, the company reported a profit after taxes of
INR0.1 crore on an operating income of INR32.9 crore. Further,
during FY2016, as per provisional unaudited results, the company
reported a profit after taxes of INR0.1 crore on an operating
income of INR21.5 crore.


VIJETA BEVERAGES: Ind-Ra Assigns BB Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijeta Beverages
Private Limited (VBPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect VBPL's moderate credit profile.  Provisional
FY16 financials indicate gross interest coverage (operating
EBITDAR/ gross interest expense) of 1.4x (FY15: 1.3x, FY14: 1.4x)
and net financial leverage (total adjusted net debt/operating
EBITDAR) of 5.5x (5.8x, 5.4x).  The net leverage ratio has
remained high due to the high working capital requirement of the
trading business and low operating profitability.  EBITDA margins
were 3.7% in FY16 (FY15: 3.4%).  Ind-Ra expects the debt (FY16:
INR433 mil., FY15: INR493 mil.) to increase from FY17 with the
increase in the company's trading activities.  However, the
likelihood of an impact on the leverage ratio has already been
factored into the ratings.

The ratings factor in VBPL's tight liquidity as reflected by its
near 95% average utilization of the working capital limits over
the 12 months ended June 2016.  Further, Ind-Ra expects cash flow
from operations to have remained negative in FY16 due to high
working capital requirements of the business.

Ind-Ra expects the company's revenue (FY16: INR2,145.9 mil.;
FY15: INR2,106 mil.) to increase from FY17, driven by growth in
trading activities because of the shift in the trading business
of the group companies Oasis Distilleries Limited and Malbros
International (P) Ltd to VBPL and Om Sons Marketing Private
Limited ('IND BB'/Stable).  However, an increase in the sales
proportion of the low-margin trading segment from FY17 might
impact the profitability.

The ratings are constrained by the annual license renewal risk
for the trading segment.  Any delay in the renewal of license
could result in a significant revenue loss.  The ratings also
factor in the highly regulated nature of the liquor industry; any
adverse changes in the state excise duty could put significant
pressure on the EBITDA margins.

The ratings, however, are supported by the over five decades of
operating experience of the company's promoters and management in
the liquor industry.

                       RATING SENSITIVITIES

Negative: A negative rating action could result from a further
tightening of the liquidity or deterioration in the credit
profile.

Positive: A positive rating action could result from an
improvement in the revenue and profitability along with the
liquidity position.

                          COMPANY PROFILE

VBPL is involved in the bottling of country liquor.  The company
has a 1,00,000 cases/month bottling plant at Bindayaka in Jaipur.
The company is also involved in the retail and wholesale trading
of liquor.  The company belongs to the Oasis group which also
comprises Oasis Distilleries, Malbros International, Om Sons
Marketing, Oasis Commercial Pvt Ltd, and Overseas Exports Pvt.
Ltd.  The group has an established presence in the country liquor
segment in Punjab.  The group has five distilleries and three
bottling units with a combined spirit production capacity of
around 485,000 litres/day.

VBPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR665 mil. fund-based working capital limits: assigned
      'IND BB'/Stable and 'IND A4+'
   -- INR2.5 mil. non-fund-based working capital limits: assigned
      'IND BB'/Stable and 'IND A4+'



===============
M A L A Y S I A
===============


EXPORT-IMPORT BANK: Moody's Keeps ba3 Stand-Alone Credit Profile
----------------------------------------------------------------
Moody's Investors Service has affirmed the A3 long-term foreign
currency issuer and senior unsecured ratings of Export-Import
Bank of Malaysia Berhad (MEXIM). The outlook on these ratings is
stable.

MEXIM's stand-alone credit profile remains unchanged at ba3.

Moody's has also affirmed the A3 long-term ratings of EXIM Sukuk
Malaysia Berhad, with a stable outlook.

The full list of ratings affected by this rating action can be
found at the end of this press-release.

RATINGS RATIONALE

The A3 long-term ratings of MEXIM were affirmed because of two
drivers: (1) the bank's ba3 stand-alone credit profile remains
unchanged, and (2) Moody's maintains it "very high" support
assumptions from the Government of Malaysia (A3 stable), which
results in multiple notches of uplift above the bank's stand-
alone credit profile.

MEXIM's ba3 stand-alone credit profile remains unchanged because
the bank operates with a very strong capital buffer against the
backdrop of high asset quality risks. MEXIM posted a still-strong
tangible common equity-to-risk weighted assets (TCE/RWA) ratio of
21% at end-2015, which however represents a decrease from 29% at
end-2014.

Moody's said, "The decrease in the capital ratio in 2015 was
mainly driven by the 48% increase in gross loans, and weak
internal capital generation. We expect that MEXIM will continue
to maintain a high capital buffer in the next 12-18 months,
because its management targets a more conservative growth
strategy."

The bank's impaired loans ratio remains high, however it has
improved to 7.7% in 2015 from 8.8% in 2014 and 15.2% in 2013. The
decrease in the impaired loans ratio in 2015 was mostly driven by
the rapid growth in loans. Meanwhile, the stock of impaired loans
increased by 30% in 2015, signaling a deterioration in the
quality of loans originated before 2015.

Moody's said, "We expect that MEXIM's asset quality will likely
remain weak, for the following reasons: (1) high credit growth in
recent years makes a very large part of its loans unseasoned; (2)
the bank has large exposures to the energy sector, which
continues to be negatively affected by weak energy prices; (3)
the loan book has high single-party concentrations."

In line with other export-import banks globally, MEXIM is highly
reliant on wholesale funding sources, which introduces
refinancing risk. This challenge is partly offset by its strong
capitalization, a good buffer of liquid assets, and the generally
well-matched maturities of assets and liabilities.

STATUS AS GOVERNMENT-RELATED ISSUER UNDERPINS A3 LONG-TERM
RATINGS

Moody's said, "We classify MEXIM as a government-related issuer
(GRI). As a result of the application of the corresponding rating
methodology, MEXIM's A3 supported ratings benefit from a multi-
notch uplift above its ba3 stand-alone credit profile. MEXIM's A3
long-term ratings are positioned at the same level as the A3
rating of the Malaysian government.

"We expect that MEXIM will benefit from very high systemic
support in case of need, due to its full government ownership and
policy role as the country's export-import bank. The bank's A3
ratings are also underpinned by Malaysia's strong record of
providing financial support to GRIs and commercial banks in case
of need."

Moody's has also affirmed the A3 long-term ratings of EXIM Sukuk
Malaysia Berhad. This company is a special purpose vehicle
established by MEXIM as part of its Multicurrency Sukuk Issuance
Programme.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A potential upgrade of the sovereign rating would likely lead to
an upgrade of MEXIM's supported ratings, assuming the bank's
standalone credit metrics remain robust. The bank's stand-alone
credit profile could be raised if it materially improves its
profitability, asset quality and funding metrics, while
maintaining a high capital buffer.

The outlook on the bank's A3 ratings could be revised to negative
if the outlook of the sovereign rating is revised to negative. At
the same time, any signs of weakening links with the government
or diminishing policy importance could adversely affect the
supported ratings of the bank.

The stand-alone credit profile could be lowered if the bank's
asset quality worsens without a commensurate increase in loan
loss reserves, or its TCE/RWA ratio decreases significantly.

Taking into account today's announcement, the affected ratings
are as follows:

Export-Import Bank of Malaysia Berhad

-- Foreign currency long-term issuer rating was affirmed at A3

-- Foreign currency senior unsecured rating was affirmed at A3

-- Foreign currency senior unsecured MTN rating was affirmed at
    (P)A3

-- The ba3 stand-alone credit profile remains unchanged

-- The outlook is stable

EXIM Sukuk Malaysia Berhad

-- Foreign currency senior unsecured rating was affirmed at A3

-- BACKED foreign currency senior unsecured MTN rating was
    affirmed at (P)A3

-- BACKED foreign currency senior unsecured rating was affirmed
    at A3

-- The outlook is stable

MEXIM reported total assets of MYR14.8 billion (US$3.7 billion)
at end-December 2015.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week July 18 to July 22, 2016
-----------------------------------------------------

Issuer                 Coupon    Maturity    Currency   Price
------                 ------    --------    --------   -----


  AUSTRALIA
  ---------

BOART LONGYEAR MANAG    10.00    10/1/2018     USD      52.50
BOART LONGYEAR MANAG     7.00     4/1/2021     USD      19.00
BOART LONGYEAR MANAG    10.00    10/1/2018     USD      61.50
BOART LONGYEAR MANAG     7.00     4/1/2021     USD      19.30
CROWN RESORTS LTD        6.02    4/23/2075     AUD      66.44
DBCT FINANCE PTY LTD     2.33     6/9/2021     AUD      73.87
DBCT FINANCE PTY LTD     2.31   12/12/2022     AUD      65.65
DBCT FINANCE PTY LTD     2.40     6/9/2026     AUD      51.32
EMECO PTY LTD            9.88    3/15/2019     USD      54.50
EMECO PTY LTD            9.88    3/15/2019     USD      52.00
IMF BENTHAM LTD          6.48    6/30/2019     AUD      57.00
KEYBRIDGE CAPITAL LT     7.00    7/31/2020     AUD       0.66
LAKES OIL NL            10.00    3/31/2017     AUD       6.50
MIDWEST VANADIUM PTY    11.50    2/15/2018     USD       7.00
MIDWEST VANADIUM PTY    11.50    2/15/2018     USD       4.70
RELIANCE RAIL FINANC     2.28    9/26/2023     AUD      65.74
RELIANCE RAIL FINANC     2.28    9/26/2023     AUD      65.73
STOKES LTD              10.00    6/30/2017     AUD       0.35
TREASURY CORP OF VIC     0.50   11/12/2030     AUD      72.97


CHINA
-----

ANSHAN CITY CONSTRUC     8.25     3/5/2019     CNY      64.01
ANSHAN CITY CONSTRUC     8.25     3/5/2019     CNY      64.91
ANYANG INVESTMENT GR     8.00    4/17/2019     CNY      64.41
BANGBU CITY INVESTME     5.78    8/10/2017     CNY      55.82
BEIJING CAPITAL DEVE     5.95    5/29/2019     CNY      62.90
BEIJING ECONOMIC TEC     5.29     3/6/2018     CNY      71.47
CHANGSHA CITY CONSTR     6.95    4/24/2019     CNY      63.32
CHANGSHA CITY CONSTR     6.95    4/24/2019     CNY      63.33
CHANGSHA COUNTY XING     8.35     4/6/2019     CNY      64.77
CHANGSHA COUNTY XING     8.35     4/6/2019     CNY      64.65
CHANGSHA HIGH TECHNO     7.30   11/22/2017     CNY      72.02
CHANGSHU BINJIANG UR     6.85    4/27/2019     CNY      63.06
CHANGSHU BINJIANG UR     6.85    4/27/2019     CNY      83.90
CHANGSHU CITY OPERAT     8.00    1/16/2019     CNY      62.31
CHANGSHU CITY OPERAT     8.00    1/16/2019     CNY      63.99
CHANGZHOU INVESTMENT     5.80     7/1/2016     CNY      39.85
CHANGZHOU INVESTMENT     5.80     7/1/2016     CNY      40.01
CHANGZHOU WUJIN CITY     6.22     6/8/2018     CNY      51.64
CHANGZHOU WUJIN CITY     6.22     6/8/2018     CNY      76.26
CHAOYANG CONSTRUCTIO     7.30    5/25/2019     CNY      63.40
CHENGDU XINCHENG XIC     8.35    3/19/2019     CNY      64.50
CHENGDU XINCHENG XIC     8.35    3/19/2019     CNY      65.83
CHIFENG CITY INFRAST     6.18    5/18/2017     CNY      51.10
CHIFENG CITY INFRAST     6.18    5/18/2017     CNY      51.75
CHINA CITY CONSTRUCT     5.55   11/28/2017     CNY      60.00
CHONGQING HECHUAN RU     8.28    4/10/2018     CNY      52.51
CHONGQING HECHUAN RU     8.28    4/10/2018     CNY      52.01
CHONGQING HECHUAN UR     6.95     1/6/2018     CNY      72.55
CHONGQING HECHUAN UR     6.95     1/6/2018     CNY      71.51
CHONGQING JIANGJIN H     6.95     1/6/2018     CNY      70.00
CHONGQING JIANGJIN H     6.95     1/6/2018     CNY      71.72
CHONGQING JINYUN ASS     6.75    6/18/2019     CNY      83.01
CHONGQING JINYUN ASS     6.75    6/18/2019     CNY      83.20
CHONGQING LAND PROPE     7.35    4/25/2019     CNY      64.10
CHONGQING NAN'AN DIS     8.20     4/9/2019     CNY      64.51
CHONGQING NAN'AN DIS     6.29   12/24/2017     CNY      61.76
CHONGQING XINGRONG H     8.35    4/19/2019     CNY      64.32
CHONGQING YONGCHUAN      7.49    3/14/2018     CNY      72.80
CHONGQING YONGCHUAN      7.49    3/14/2018     CNY      72.74
CHONGQING YULONG ASS     6.87    5/31/2019     CNY      62.98
CHONGQING YUXING CON     7.29    12/8/2017     CNY      72.18
DALI ECONOMIC DEVELO     8.80    4/24/2019     CNY      64.75
DANDONG CITY DEVELOP     6.21     9/6/2017     CNY      70.52
DANYANG INVESTMENT G     8.10     3/6/2019     CNY      63.92
DANYANG INVESTMENT G     8.10     3/6/2019     CNY      63.50
DATONG ECONOMIC CONS     6.50     6/1/2017     CNY      40.80
DATONG ECONOMIC CONS     6.50     6/1/2017     CNY      40.00
DONGBEI SPECIAL STEE     6.10    1/15/2018     CNY      40.00
DONGBEI SPECIAL STEE     6.50    3/27/2016     CNY      40.00
DONGBEI SPECIAL STEE     8.20     6/6/2016     CNY      40.00
DONGBEI SPECIAL STEE     5.63    4/12/2018     CNY      40.00
DONGBEI SPECIAL STEE     7.00    7/10/2016     CNY      40.00
DONGBEI SPECIAL STEE     5.88     5/5/2016     CNY      40.00
DONGBEI SPECIAL STEE     6.30    9/24/2016     CNY      40.00
DONGBEI SPECIAL STEE     8.30     9/6/2016     CNY      40.00
DONGBEI SPECIAL STEE     7.40    7/17/2017     CNY      40.00
DRILL RIGS HOLDINGS      6.50    10/1/2017     USD      53.00
DRILL RIGS HOLDINGS      6.50    10/1/2017     USD      59.90
ERDOS DONGSHENG CITY     8.40    2/28/2018     CNY      48.57
ERDOS DONGSHENG CITY     8.40    2/28/2018     CNY      48.63
EZHOU CITY CONSTRUCT     7.08    6/19/2019     CNY      83.57
FUSHUN URBAN INVESTM     5.95    5/11/2018     CNY      71.91
GRANDBLUE ENVIRONMEN     6.40     7/7/2016     CNY      70.12
GUANGAN INVESTMENT H     8.18    4/25/2019     CNY      64.35
GUANGAN INVESTMENT H     8.18    4/25/2019     CNY      63.02
GUILIN ECONOMIC CONS     6.90     5/9/2018     CNY      52.21
GUILIN ECONOMIC CONS     6.90     5/9/2018     CNY      76.50
GUIYANG ECO&TECH DEV     8.42    3/27/2019     CNY      63.38
GUOAO INVESTMENT DEV     6.89   10/29/2018     CNY      68.54
HAIAN COUNTY CITY CO     8.35    3/28/2018     CNY      52.88
HAIAN COUNTY CITY CO     8.35    3/28/2018     CNY      52.51
HAIMEN CITY DEVELOPM     8.35    3/20/2019     CNY      64.43
HAIMEN CITY DEVELOPM     8.35    3/20/2019     CNY      62.50
HANGZHOU MUNICIPAL C     5.90    4/25/2018     CNY      51.76
HANGZHOU XIAOSHAN ST     6.90   11/22/2016     CNY      40.11
HANGZHOU XIAOSHAN ST     6.90   11/22/2016     CNY      40.60
HANGZHOU YUHANG CITY     7.55    3/29/2019     CNY      63.64
HANGZHOU YUHANG CITY     7.55    3/29/2019     CNY      64.10
HANZHONG CITY CONSTR     7.48    3/14/2018     CNY      73.29
HEFEI HAIHENG INVEST     7.30    6/12/2019     CNY      60.00
HEFEI HAIHENG INVEST     7.30    6/12/2019     CNY      63.72
HEFEI TAOHUA INDUSTR     8.79    3/27/2019     CNY      63.80
HEFEI XINCHENG STATE     7.88    4/23/2019     CNY      63.22
HEILONGJIANG HECHENG     7.78   11/17/2016     CNY      40.45
HUAIAN CITY URBAN AS     7.15   12/21/2016     CNY      40.53
HUAIAN CITY WATER AS     8.25     3/8/2019     CNY      64.09
HUAIAN DEVELOPMENT H     6.80    3/24/2017     CNY      42.48
HUAIAN QINGHE NEW AR     6.79    4/29/2017     CNY      40.88
HUAIHUA CITY CONSTRU     8.00    3/22/2018     CNY      52.80
HUAIHUA CITY CONSTRU     8.00    3/22/2018     CNY      52.40
HUZHOU MUNICIPAL CON     7.02   12/21/2017     CNY      72.53
HUZHOU NANXUN STATE-     8.15    3/31/2019     CNY      63.53
HUZHOU WUXING NANTAI     7.71    2/17/2018     CNY      72.87
JIAMUSI NEW ERA INFR     8.25    3/22/2019     CNY      63.19
JIAN CITY CONSTRUCTI     7.80    4/20/2019     CNY      64.24
JIAN CITY CONSTRUCTI     7.80    4/20/2019     CNY      60.01
JIANGDONG HOLDING GR     6.90    3/27/2019     CNY      62.07
JIANGDU XINYUAN INDU     8.10    3/23/2019     CNY      63.56
JIANGDU XINYUAN INDU     8.10    3/23/2019     CNY      63.51
JIANGSU HUAJING ASSE     5.68    9/28/2017     CNY      50.67
JIANGSU LIANYUN DEVE     6.10    6/19/2019     CNY      82.64
JIANGSU LIANYUN DEVE     6.10    6/19/2019     CNY      62.12
JIANGSU TAICANG PORT     7.66    5/16/2019     CNY      64.27
JIANGYIN CITY CONSTR     7.20    6/11/2019     CNY      64.09
JIASHAN STATE-OWNED      6.80     6/6/2019     CNY      63.32
JIAXING CULTURE FAMO     8.16     3/8/2019     CNY      62.62
JIAXING ECONOMIC&TEC     6.78    6/14/2019     CNY      63.12
JIAXING ECONOMIC&TEC     6.78    6/14/2019     CNY      63.01
JINAN CITY CONSTRUCT     6.98    3/26/2018     CNY      52.00
JINAN CITY CONSTRUCT     6.98    3/26/2018     CNY      52.28
JINGJIANG BINJIANG X     6.80   10/23/2018     CNY      66.03
JINGZHOU URBAN CONST     7.98    4/24/2019     CNY      64.51
JINING CITY CONSTRUC     8.30   12/31/2018     CNY      64.15
JINTAN CONSTRUCTION      8.30    3/14/2019     CNY      64.60
JINZHOU CITY INVESTM     7.08    6/13/2019     CNY      63.25
JINZHOU CITY INVESTM     7.08    6/13/2019     CNY      63.18
JIUJIANG CITY CONSTR     8.49    2/23/2019     CNY      61.00
JIUJIANG CITY CONSTR     8.49    2/23/2019     CNY      64.77
KUNMING CITY CONSTRU     7.60    4/13/2018     CNY      52.44
KUNMING WUHUA DISTRI     8.60    3/15/2018     CNY      52.94
KUNMING WUHUA DISTRI     8.60    3/15/2018     CNY      53.14
LAIWU CITY ECONOMIC      6.50     3/1/2018     CNY      62.09
LESHAN STATE-OWNED A     6.99    3/18/2018     CNY      73.09
LESHAN STATE-OWNED A     6.99    3/18/2018     CNY      73.11
LIAOYANG CITY ASSETS     6.88    6/13/2018     CNY      67.50
LIAOYANG CITY ASSETS     6.88    6/13/2018     CNY      67.58
LIAOYUAN STATE-OWNED     7.80    1/26/2017     CNY      40.44
LIAOYUAN STATE-OWNED     8.17    3/13/2019     CNY      62.66
LINAN CITY CONSTRUCT     8.15     3/9/2018     CNY      51.86
LINAN CITY CONSTRUCT     8.15     3/9/2018     CNY      52.28
LINHAI CITY INFRASTR     7.98    11/6/2016     CNY      50.00
LINHAI CITY INFRASTR     7.98    11/6/2016     CNY      50.72
LINYI INVESTMENT DEV     8.10    3/27/2018     CNY      50.97
LIUZHOU DONGCHENG IN     8.30    2/15/2019     CNY      62.60
LIUZHOU DONGCHENG IN     8.30    2/15/2019     CNY      63.19
LONGHAI STATE-OWNED      8.25    12/2/2017     CNY      72.49
LUOHE CITY CONSTRUCT     6.81    3/30/2017     CNY      30.65
LUOHE CITY CONSTRUCT     6.81    3/30/2017     CNY      30.60
MIANYANG SCIENCE & T     7.16    5/15/2019     CNY      63.20
NANAN CITY TRADE IND     8.50    4/25/2019     CNY      64.71
NANCHONG CHEMICAL IN     8.16    4/26/2019     CNY      64.24
NANJING HEXI NEW TOW     6.40     2/3/2017     CNY      61.15
NANJING JIANGNING SC     7.29    4/28/2019     CNY      63.52
NANTONG CITY TONGZHO     6.80    5/28/2019     CNY      63.35
NANTONG CITY TONGZHO     6.80    5/28/2019     CNY      81.00
NANTONG STATE-OWNED      6.72   11/13/2016     CNY      40.51
NEIMENGGU XINLINGOL      7.62    2/25/2018     CNY      71.73
NINGBO CITY ZHENHAI      6.48    4/12/2017     CNY      41.09
NINGBO URBAN CONSTRU     7.39     3/1/2018     CNY      52.59
NINGBO URBAN CONSTRU     7.39     3/1/2018     CNY      52.35
NINGDE CITY STATE-OW     6.25   10/21/2017     CNY      40.65
NINGHAI COUNTY CITY      8.60   12/31/2017     CNY      71.01
NINGHAI COUNTY CITY      8.60   12/31/2017     CNY      73.77
NONGGONGSHANG REAL E     6.29   10/11/2017     CNY      71.60
PANJIN CONSTRUCTION      7.70   12/16/2016     CNY      40.82
PANJIN CONSTRUCTION      7.50    5/17/2019     CNY      63.55
PANJIN CONSTRUCTION      7.70   12/16/2016     CNY      40.61
PINGDINGSHAN CITY DE     7.86     5/8/2019     CNY      85.00
PINGDINGSHAN CITY DE     7.86     5/8/2019     CNY      64.34
PUER CITY STATE OWNE     7.38    6/20/2019     CNY      62.90
PUTIAN STATE-OWNED A     8.10    3/21/2019     CNY      64.20
PUTIAN STATE-OWNED A     8.10    3/21/2019     CNY      64.39
QIANDONG NANZHOU DEV     8.80    4/27/2019     CNY      63.40
QINGDAO CITY CONSTRU     6.19    2/16/2017     CNY      40.78
QINGDAO CITY CONSTRU     6.89    2/16/2019     CNY      62.94
QINGDAO CITY CONSTRU     6.89    2/16/2019     CNY      63.23
QINGDAO CITY CONSTRU     6.19    2/16/2017     CNY      40.66
QINGDAO HUATONG STAT     7.30    4/18/2019     CNY      63.85
QINGDAO HUATONG STAT     7.30    4/18/2019     CNY      63.60
QINGZHOU HONGYUAN PU     6.50    5/22/2019     CNY      31.60
QINGZHOU HONGYUAN PU     6.50    5/22/2019     CNY      30.88
QINZHOU CITY DEVELOP     6.72    4/30/2017     CNY      50.97
QUANZHOU QUANGANG PE     8.40    4/16/2019     CNY      63.82
QUANZHOU QUANGANG PE     8.40    4/16/2019     CNY      65.28
QUNSHAN HUAQIAO INTE     7.98   12/30/2018     CNY      63.74
SANMING STATE-OWNED      6.99    6/14/2018     CNY      73.71
SANMING STATE-OWNED      6.99    6/14/2018     CNY      70.10
SHANDONG SHANSHUI CE     6.10    2/27/2017     CNY      38.00
SHANGHAI REAL ESTATE     6.12    5/17/2017     CNY      40.93
SHAOXING CHENGBEI XI     6.21    6/11/2018     CNY      51.33
SHAOXING CHENGBEI XI     6.21    6/11/2018     CNY      76.75
SHIYAN CITY INFRASTR     7.98    4/20/2019     CNY      64.25
SICHUAN DEVELOPMENT      5.40   11/10/2017     CNY      70.95
SUQIAN ECONOMIC DEVE     7.50    3/26/2019     CNY      64.09
SUQIAN ECONOMIC DEVE     7.50    3/26/2019     CNY      84.60
SUZHOU CONSTRUCTION      7.45    3/12/2019     CNY      63.71
SUZHOU INDUSTRIAL PA     5.79    5/30/2019     CNY      60.05
SUZHOU INDUSTRIAL PA     5.79    5/30/2019     CNY      62.56
TAIAN CITY TAISHAN I     5.79     3/2/2018     CNY      71.90
TAIXING ZHONGXING ST     8.29    3/27/2018     CNY      53.07
TAIXING ZHONGXING ST     8.29    3/27/2018     CNY      54.08
TAIZHOU CITY CONSTRU     6.90    1/25/2017     CNY      40.66
TAIZHOU HAILING ASSE     8.52    3/21/2019     CNY      64.09
TAIZHOU HAILING ASSE     8.52    3/21/2019     CNY      64.15
TIANJIN BINHAI NEW A     5.00    3/13/2018     CNY      71.58
TIANJIN BINHAI NEW A     5.00    3/13/2018     CNY      72.00
TIANJIN HANBIN INVES     8.39    3/22/2019     CNY      63.69
TIANJIN HI-TECH INDU     7.80    3/27/2019     CNY      63.75
TIANJIN HI-TECH INDU     7.80    3/27/2019     CNY      63.71
TIANJIN JINNAN CITY      6.95    6/18/2019     CNY      62.88
TIANJIN JINNAN CITY      6.95    6/18/2019     CNY      84.00
TIELING PUBLIC ASSET     7.34    5/29/2018     CNY      52.22
TIGER FOREST & PAPER     5.38    6/14/2017     CNY      58.53
TONGLIAO CITY INVEST     5.98     9/1/2017     CNY      71.05
URUMQI STATE-OWNED A     6.48    4/28/2018     CNY      77.15
URUMQI STATE-OWNED A     6.48    4/28/2018     CNY      51.93
VANZIP INVESTMENT GR     7.92     2/4/2019     CNY      66.88
WAFANGDIAN STATE-OWN     8.55    4/19/2019     CNY      64.34
WENZHOU ANJUFANG CIT     7.65    4/24/2019     CNY      63.52
WUHAI CITY CONSTRUCT     8.20    3/31/2019     CNY      64.09
WUHAI CITY CONSTRUCT     8.20    3/31/2019     CNY      63.91
WUHU ECONOMIC TECHNO     6.70     6/8/2018     CNY      52.16
WUHU ECONOMIC TECHNO     6.70     6/8/2018     CNY      51.00
WUXI COMMUNICATIONS      5.58     7/8/2016     CNY      49.94
WUXI COMMUNICATIONS      5.58     7/8/2016     CNY      49.81
XIANGTAN CITY CONSTR     8.00    3/16/2019     CNY      62.00
XIANGTAN CITY CONSTR     8.00    3/16/2019     CNY      64.21
XIANGTAN JIUHUA ECON     6.93   12/16/2016     CNY      40.34
XIANGYANG CITY CONST     8.12    1/12/2019     CNY      63.86
XIANGYANG CITY CONST     8.12    1/12/2019     CNY      64.18
XIAOGAN URBAN CONSTR     8.12    3/26/2019     CNY      64.49
XINING CITY INVESTME     7.70    4/27/2019     CNY      64.31
XINJIANG SHIHEZI DEV     7.50    8/29/2018     CNY      72.81
XINXIANG INVESTMENT      6.80    1/18/2018     CNY      72.46
XINYANG HUAXIN INVES     6.95    6/14/2019     CNY      63.77
XINYANG HUAXIN INVES     6.95    6/14/2019     CNY      60.01
XUCHANG GENERAL INVE     7.78    4/27/2019     CNY      64.38
XUZHOU ECONOMIC TECH     8.20     3/7/2019     CNY      64.63
XUZHOU ECONOMIC TECH     8.20     3/7/2019     CNY      64.60
XUZHOU XINSHENG CONS     7.48     5/8/2018     CNY      52.79
XUZHOU XINSHENG CONS     7.48     5/8/2018     CNY      52.40
YANCHENG ORIENTAL IN     5.75     6/8/2017     CNY      51.00
YANGZHONG URBAN CONS     7.10    3/26/2018     CNY      72.94
YANGZHOU ECONOMIC DE     6.10     7/7/2016     CNY      50.03
YANGZHOU URBAN CONST     5.94    7/23/2016     CNY      40.05
YANGZHOU URBAN CONST     5.94    7/23/2016     CNY      40.05
YANZHOU HUIMIN URBAN     8.50   12/28/2017     CNY      52.57
YIBIN STATE-OWNED AS     5.80    5/23/2018     CNY      72.13
YIJINHUOLUOQI HONGTA     8.35    3/19/2019     CNY      58.20
YIJINHUOLUOQI HONGTA     8.35    3/19/2019     CNY      59.03
YINCHUAN URBAN CONST     6.28     3/9/2017     CNY      25.21
YINGKOU CITY CONSTRU     7.98    4/18/2020     CNY      72.36
YIYANG CITY CONSTRUC     8.20   11/19/2016     CNY      40.49
YIZHENG CITY CONSTRU     7.78    6/14/2019     CNY      76.00
YIZHENG CITY CONSTRU     7.78    6/14/2019     CNY      64.24
YUNNAN PROVINCIAL IN     5.25    8/24/2017     CNY      71.06
ZHANGJIAGANG JINCHEN     6.23     1/6/2018     CNY      60.94
ZHEJIANG PROVINCE DE     6.90    4/12/2018     CNY      72.47
ZHENJIANG CULTURE AN     5.86     5/6/2017     CNY      50.76
ZHENJIANG NEW AREA E     8.16     3/1/2019     CNY      62.70
ZHENJIANG NEW AREA E     8.16     3/1/2019     CNY      63.22
ZHENJIANG TRANSPORTA     7.29     5/8/2019     CNY      63.27
ZHENJIANG TRANSPORTA     7.29     5/8/2019     CNY      62.04
ZHUCHENG ECONOMIC DE     6.40    4/26/2018     CNY      41.23
ZHUCHENG ECONOMIC DE     7.50    8/25/2018     CNY      40.87
ZHUCHENG ECONOMIC DE     6.40    4/26/2018     CNY      39.00
ZHUHAI HUAFA GROUP C     8.43    2/16/2018     CNY      52.80
ZHUHAI HUAFA GROUP C     8.43    2/16/2018     CNY      52.79
ZHUHAI ZHONGFU ENTER     6.60    3/28/2017     CNY      54.25
ZHUHAI ZHONGFU ENTER     5.28    5/28/2015     CNY      54.25
ZIBO CITY PROPERTY C     5.45    4/27/2019     CNY      37.05
ZIGONG STATE-OWNED A     6.86    6/17/2018     CNY      73.04
ZOUCHENG CITY ASSET      7.02    1/12/2018     CNY      41.19
ZOUPING COUNTY STATE     6.98    4/27/2018     CNY      73.07
ZOUPING COUNTY STATE     6.98    4/27/2018     CNY      71.60
ZUNYI CITY INVESTMEN     8.53    3/13/2019     CNY      64.72
ZUNYI CITY INVESTMEN     8.53    3/13/2019     CNY      64.73


INDONESIA
---------

BERAU COAL ENERGY TB     7.25    3/13/2017     USD      19.50
BERAU COAL ENERGY TB     7.25    3/13/2017     USD      19.50


INDIA
-----

3I INFOTECH LTD          5.00    4/26/2017     USD      11.25
BLUE DART EXPRESS LT     9.30   11/20/2017     INR      10.17
BLUE DART EXPRESS LT     9.40   11/20/2018     INR      10.26
BLUE DART EXPRESS LT     9.50   11/20/2019     INR      10.34
COROMANDEL INTERNATI     9.00    7/23/2016     INR      16.26
GTL INFRASTRUCTURE L     4.53    11/9/2017     USD      24.25
JAIPRAKASH ASSOCIATE     5.75     9/8/2017     USD      40.00
JCT LTD                  2.50     4/8/2011     USD      22.13
PRAKASH INDUSTRIES L     5.25    4/30/2015     USD      20.38
PYRAMID SAIMIRA THEA     1.75     7/4/2012     USD       1.00
REI AGRO LTD             5.50   11/13/2014     USD       6.50
REI AGRO LTD             5.50   11/13/2014     USD       6.50
SVOGL OIL GAS & ENER     5.00    8/17/2015     USD      20.00


JAPAN
-----

AVANSTRATE INC           5.55   10/31/2017     JPY      37.00
AVANSTRATE INC           5.55   10/31/2017     JPY      37.00
MICRON MEMORY JAPAN      0.70     8/1/2016     JPY       4.93
MICRON MEMORY JAPAN      2.03    3/22/2012     JPY       4.93
MICRON MEMORY JAPAN      0.50   10/26/2015     JPY       4.93
MICRON MEMORY JAPAN      2.29    12/7/2012     JPY       4.93
MICRON MEMORY JAPAN      2.10   11/29/2012     JPY       4.93
TAKATA CORP              0.58    3/26/2021     JPY      68.37


KOREA
-----

2014 KODIT CREATIVE      5.00   12/25/2017     KRW      32.61
2014 KODIT CREATIVE      5.00   12/25/2017     KRW      32.61
2016 KIBO 1ST SECURI     5.00    9/13/2018     KRW      28.65
DOOSAN CAPITAL SECUR    20.00    4/22/2019     KRW      44.53
HANJIN SHIPPING CO L     5.90     6/7/2017     KRW      66.94
HYUNDAI MERCHANT MAR     5.80     7/7/2016     KRW      48.63
HYUNDAI MERCHANT MAR     5.30     7/3/2017     KRW      48.63
HYUNDAI MERCHANT MAR     6.20    3/28/2017     KRW      48.63
KIBO ABS SPECIALTY C     5.00   12/25/2017     KRW      31.18
KIBO ABS SPECIALTY C     5.00    3/29/2018     KRW      31.52
KIBO ABS SPECIALTY C     5.00    1/31/2017     KRW      34.16
KIBO ABS SPECIALTY C    10.00    2/19/2017     KRW      39.62
KIBO ABS SPECIALTY C    10.00     9/4/2016     KRW      57.00
KIBO ABS SPECIALTY C    10.00    8/22/2017     KRW      23.42
LSMTRON DONGBANGSEON     4.53   11/22/2017     KRW      32.10
PULMUONE CO LTD          2.50     8/6/2045     KRW      50.36
PULMUONE CO LTD          2.50     8/6/2045     KRW      50.36
SINBO SECURITIZATION     5.00   12/13/2016     KRW      36.73
SINBO SECURITIZATION     5.00    1/29/2017     KRW      35.44
SINBO SECURITIZATION     5.00    7/26/2016     KRW      62.53
SINBO SECURITIZATION     5.00    7/26/2016     KRW      62.53
SINBO SECURITIZATION     5.00    3/12/2018     KRW      31.67
SINBO SECURITIZATION     5.00    3/12/2018     KRW      31.67
SINBO SECURITIZATION     5.00    7/29/2018     KRW      29.13
SINBO SECURITIZATION     5.00   12/23/2018     KRW      29.10
SINBO SECURITIZATION     5.00    3/18/2019     KRW      28.32
SINBO SECURITIZATION     5.00   12/23/2018     KRW      29.10
SINBO SECURITIZATION     5.00    3/18/2019     KRW      28.32
SINBO SECURITIZATION     5.00   12/23/2017     KRW      31.19
SINBO SECURITIZATION     5.00    3/13/2017     KRW      34.95
SINBO SECURITIZATION     5.00    3/13/2017     KRW      34.95
SINBO SECURITIZATION     5.00    7/29/2019     KRW      27.02
SINBO SECURITIZATION     5.00    6/25/2018     KRW      29.43
SINBO SECURITIZATION     5.00    6/25/2019     KRW      27.32
SINBO SECURITIZATION     5.00     6/7/2017     KRW      17.22
SINBO SECURITIZATION     5.00     6/7/2017     KRW      17.22
SINBO SECURITIZATION     5.00    2/27/2019     KRW      28.55
SINBO SECURITIZATION     5.00    2/27/2019     KRW      28.55
SINBO SECURITIZATION     5.00    1/15/2018     KRW      32.42
SINBO SECURITIZATION     5.00    1/15/2018     KRW      32.42
SINBO SECURITIZATION     5.00   12/25/2016     KRW      34.62
SINBO SECURITIZATION     5.00     7/8/2017     KRW      34.14
SINBO SECURITIZATION     5.00    6/27/2018     KRW      30.98
SINBO SECURITIZATION     5.00    7/24/2018     KRW      30.80
SINBO SECURITIZATION     5.00    8/29/2018     KRW      30.27
SINBO SECURITIZATION     5.00    7/24/2017     KRW      32.78
SINBO SECURITIZATION     5.00    7/24/2018     KRW      30.80
SINBO SECURITIZATION     5.00    8/29/2018     KRW      30.27
SINBO SECURITIZATION     5.00    8/31/2016     KRW      50.92
SINBO SECURITIZATION     5.00    8/31/2016     KRW      50.92
SINBO SECURITIZATION     5.00    8/27/2019     KRW      26.78
SINBO SECURITIZATION     5.00    2/11/2018     KRW      31.91
SINBO SECURITIZATION     5.00    2/11/2018     KRW      31.91
SINBO SECURITIZATION     5.00    9/26/2018     KRW      30.04
SINBO SECURITIZATION     5.00    9/26/2018     KRW      30.04
SINBO SECURITIZATION     5.00    9/26/2018     KRW      30.04
SINBO SECURITIZATION     5.00    10/1/2017     KRW      33.14
SINBO SECURITIZATION     5.00    2/21/2017     KRW      35.18
SINBO SECURITIZATION     5.00    10/1/2017     KRW      33.14
SINBO SECURITIZATION     5.00    2/21/2017     KRW      35.18
SINBO SECURITIZATION     5.00    10/1/2017     KRW      33.14
SINBO SECURITIZATION     5.00     7/8/2017     KRW      34.14
SINBO SECURITIZATION     5.00    8/16/2017     KRW      33.69
SINBO SECURITIZATION     5.00    1/30/2019     KRW      28.75
SINBO SECURITIZATION     5.00   10/30/2019     KRW      20.02
SINBO SECURITIZATION     5.00    10/5/2016     KRW      44.32
SINBO SECURITIZATION     5.00    10/5/2016     KRW      44.32
SINBO SECURITIZATION     5.00    6/27/2018     KRW      30.98
SINBO SECURITIZATION     5.00    8/16/2016     KRW      52.54
SINBO SECURITIZATION     5.00    8/16/2017     KRW      33.69
SINBO SECURITIZATION     5.00    1/30/2019     KRW      28.75
SINBO SECURITIZATION     5.00    5/26/2018     KRW      29.69
TONGYANG CEMENT & EN     7.30    4/12/2015     KRW      70.00
TONGYANG CEMENT & EN     7.50    9/10/2014     KRW      70.00
TONGYANG CEMENT & EN     7.50    4/20/2014     KRW      70.00
TONGYANG CEMENT & EN     7.30    6/26/2015     KRW      70.00
TONGYANG CEMENT & EN     7.50    7/20/2014     KRW      70.00
U-BEST SECURITIZATIO     5.50   11/16/2017     KRW      33.47
WOONGJIN ENERGY CO L     3.00   12/19/2019     KRW      63.02


SRI LANKA
---------

SRI LANKA GOVERNMENT     6.00    12/1/2024     LKR      67.70
SRI LANKA GOVERNMENT     8.00     1/1/2032     LKR      69.04
SRI LANKA GOVERNMENT     9.00    11/1/2033     LKR      74.30
SRI LANKA GOVERNMENT     5.35     3/1/2026     LKR      61.03
SRI LANKA GOVERNMENT     9.00     6/1/2033     LKR      74.90
SRI LANKA GOVERNMENT     9.00     6/1/2043     LKR      71.06


MALAYSIA
--------

BIMB HOLDINGS BHD        1.50   12/12/2023     MYR      74.25
BRIGHT FOCUS BHD         2.50    1/24/2030     MYR      72.52
BRIGHT FOCUS BHD         2.50    1/22/2031     MYR      70.11
LAND & GENERAL BHD       1.00    9/24/2018     MYR       0.24
SENAI-DESARU EXPRESS     0.50   12/30/2039     MYR      68.90
SENAI-DESARU EXPRESS     0.50   12/31/2040     MYR      70.14
SENAI-DESARU EXPRESS     0.50   12/31/2043     MYR      73.64
SENAI-DESARU EXPRESS     0.50   12/31/2042     MYR      72.51
SENAI-DESARU EXPRESS     0.50   12/30/2044     MYR      74.56
SENAI-DESARU EXPRESS     0.50   12/31/2041     MYR      71.32
SENAI-DESARU EXPRESS     0.50   12/31/2038     MYR      67.21
SENAI-DESARU EXPRESS     1.15   12/31/2024     MYR      67.94
SENAI-DESARU EXPRESS     1.15   12/30/2022     MYR      74.17
SENAI-DESARU EXPRESS     1.35    6/30/2026     MYR      65.00
SENAI-DESARU EXPRESS     1.35   12/31/2026     MYR      63.67
SENAI-DESARU EXPRESS     1.35    6/29/2029     MYR      56.99
SENAI-DESARU EXPRESS     1.15   12/29/2023     MYR      71.02
SENAI-DESARU EXPRESS     1.15    6/28/2024     MYR      69.50
SENAI-DESARU EXPRESS     1.15    6/30/2025     MYR      66.47
SENAI-DESARU EXPRESS     1.35    6/30/2027     MYR      62.36
SENAI-DESARU EXPRESS     1.15    6/30/2023     MYR      72.59
SENAI-DESARU EXPRESS     1.35    6/28/2030     MYR      54.54
SENAI-DESARU EXPRESS     1.35    6/30/2031     MYR      52.29
SENAI-DESARU EXPRESS     1.35    6/30/2028     MYR      59.67
SENAI-DESARU EXPRESS     1.35   12/29/2028     MYR      58.30
SENAI-DESARU EXPRESS     1.35   12/31/2027     MYR      61.02
SENAI-DESARU EXPRESS     1.35   12/31/2029     MYR      55.73
SENAI-DESARU EXPRESS     1.35   12/31/2025     MYR      66.41
SENAI-DESARU EXPRESS     1.35   12/31/2030     MYR      53.40
UNIMECH GROUP BHD        5.00    9/18/2018     MYR       1.04


PHILIPPINES
-----------

BAYAN TELECOMMUNICAT    13.50    7/15/2006     USD      22.75
BAYAN TELECOMMUNICAT    13.50    7/15/2006     USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT     7.90    5/18/2018     USD      59.38
BAKRIE TELECOM PTE L    11.50     5/7/2015     USD       2.63
BAKRIE TELECOM PTE L    11.50     5/7/2015     USD       2.63
BERAU CAPITAL RESOUR    12.50     7/8/2015     USD      19.30
BERAU CAPITAL RESOUR    12.50     7/8/2015     USD      19.25
BLD INVESTMENTS PTE      8.63    3/23/2015     USD       8.38
BUMI CAPITAL PTE LTD    12.00   11/10/2016     USD      17.25
BUMI CAPITAL PTE LTD    12.00   11/10/2016     USD      16.11
BUMI INVESTMENT PTE     10.75    10/6/2017     USD      17.25
BUMI INVESTMENT PTE     10.75    10/6/2017     USD      16.11
ENERCOAL RESOURCES P     6.00     4/7/2018     USD      10.75
GOLIATH OFFSHORE HOL    12.00    6/11/2017     USD       5.00
INDO INFRASTRUCTURE      2.00    7/30/2010     USD       1.88
NEPTUNE ORIENT LINES     4.65     9/9/2020     SGD      65.01
ORO NEGRO DRILLING P     7.50    1/24/2019     USD      43.00
OSA GOLIATH PTE LTD     12.00    10/9/2018     USD      62.00
OTTAWA HOLDINGS PTE      5.88    5/16/2018     USD      64.50
OTTAWA HOLDINGS PTE      5.88    5/16/2018     USD      66.82
PACIFIC RADIANCE LTD     4.30    8/29/2018     SGD      68.88
SWIBER HOLDINGS LTD      7.13    4/18/2017     SGD      60.00
TRIKOMSEL PTE LTD        5.25    5/10/2016     SGD      18.25
TRIKOMSEL PTE LTD        7.88     6/5/2017     SGD      20.00


THAILAND
--------

G STEEL PCL              3.00    10/4/2015     USD       3.74
MDX PCL                  4.75    9/17/2003     USD      37.75


VIETNAM
-------
DEBT AND ASSET TRADI     1.00   10/10/2025     USD      52.63
DEBT AND ASSET TRADI     1.00   10/10/2025     USD      50.70



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2016.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



                 *** End of Transmission ***